Three Things to Know
Spot Ether funds bled nearly $300 million in two sessions, led by BlackRock’s fund.
ETH now trades just under its 200-day average, a line that may cap any bounce.
Traders are watching one floor well below the current price to see if the breakdown sticks.
Investors kept pulling money from US spot Ether funds this week. A large BlackRock transfer to Coinbase Prime added to the unease, though on-chain data does not confirm a sale.
The outflows matter because fund demand helped carry ETH higher last year. Now that support is fading as price slips under a key long-term average. Traders now want to see whether buyers can reclaim lost ground before sellers test the next floor.
BlackRock Leads a Two-Day ETH Fund Exodus
Investors pulled about $1.3 billion from US spot Bitcoin and Ethereum ETFs across the Oct 30 and Nov 2 sessions. Ether funds lost $156 million on the first day and another $140 million on the second.
BlackRock’s iShares Ethereum Trust (ETHA) led the selling. It shed $138 million on Nov 2 alone, nearly the entire day’s outflow.
The drain has been building for weeks. Net assets in spot ETH funds stood at $17.7 billion on Oct 5 and have since shrunk to $13.2 billion.
On-chain tracker Lookonchain flagged a large BlackRock transfer from ETF wallets to Coinbase Prime. The move covered roughly $702 million in crypto, made up of 7,244 BTC and 63,598 ETH. Such transfers often come before a sale, though they do not confirm one.
The Oct 30 exits coincided with Binance halting withdrawals after a security breach. Bitcoin traded near $77,609 on Nov 3, down about 3.7% on the week.
ETH Slips Under the 200-Day Line It Needed to Keep
Ethereum (ETH) daily price with the nearest support (green) and resistance (red). Source: TradingView
Ether traded near $2,290, flat over the past 24 hours and about 2% lower on the week. That leaves the second-largest crypto sitting just under its 200-day moving average, now near $2,310. The 200-day line tracks the average closing price over roughly ten months. Traders watch it as the dividing line between a long-term uptrend and a downtrend.
Losing it matters. As long as ETH held above that average, buyers could argue the bigger trend was intact. Now the line sits overhead and may act as a ceiling on any bounce.
The 50-day average adds a second lid. It sits around $2,400, well above the current price. With ETH below both averages, the short and long-term trends both point down.
October was rough. ETH is down about 16% over 30 days, near the bottom of its monthly range. Its Oct 30 close near $2,242 marked the 30-day low, and price now trades only a short step above it. A daily close below that mark would set a fresh monthly low.
Much of the last rally has also unwound. Ether peaked near $4,946 in August 2025. It now trades about 54% below that record.
Sellers Tire but Have Not Let Go
RSI, a 0 to 100 gauge of momentum, reads about 40 on the daily chart. That puts ETH in weak territory, though still well clear of the oversold zone below 30. In plain terms, sellers have the upper hand but have not exhausted themselves.
One signal points the other way. The MACD, which compares short and long-term price averages, has crossed above its signal line. That crossover suggests selling pressure is starting to ease after the October slide.
Bulls should not read too much into it yet. The trend strength gauge shows a real trend in place, and sellers are the ones driving it. Early bounce signals often fade inside strong downtrends.
For now, the improving momentum looks like a pause in the selling.
$1,940 Is Where the Breakdown Gets Tested
On the daily chart, the nearest floor sits around $1,940. That level lies well below the current price, so ETH has open air to cover before buyers face a real test.
Holding that floor matters most. A close beneath it would open the path to the next support near $1,840. It would also confirm the breakdown that the fund outflows have been signaling for weeks.
Buyers have a clear job on the upside. First resistance sits at the 50-day line, and reclaiming that zone would flip the short-term picture back in their favor. It would also turn the recent MACD crossover from a pause into something sturdier.
A push through the next resistance near $2,560 would go further. That move would put much of October’s damage in question and force sellers to rethink their grip on the trend.
Which Way the Next 72 Hours Break
Two paths stand out for the coming sessions.
Bullish: A daily close back above the 50-day line would hand buyers the first win. It would put the next resistance zone in play as a target. The setup fails if ETH then drops back under its 200-day average.
Bearish: A close under the nearest floor would confirm the breakdown. It would open the way to the next support level. A recovery above the 50-day line would cancel this view.
Outflows Keep the Burden on Bulls
Ether still leans lower. Buyers need two things before that changes: fund flows that turn positive again and a reclaim of the broken averages overhead.
The risks cut both ways. Proof that BlackRock sold its transferred coins, or fresh exchange trouble, could speed the slide. Easing momentum could also catch late short sellers off guard if a bounce sticks.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
