A sustained move above this level could help the cryptocurrency reestablish momentum toward $3,000, though broader macro uncertainty continues to influence sentiment.

The rebound follows a five-month low near $2,625, driven by elevated volatility and persistent ETF outflows. Market analysts note that newly stabilizing institutional flows may provide Ethereum with a foundation for a possible recovery, provided technical conditions align.

ETF Inflows Signal a Shift in Institutional Positioning

After nine straight days of net outflows totaling $1.33 billion from U.S. spot Ethereum ETFs, November 21, 2025, marked a notable reversal. Farside Investors’ data confirmed a net inflow of $55.7 million, led by:

Fidelity’s FBETH ETF: +$95.4M

BlackRock’s ETHA ETF: –$53.7M outflow (indicating mixed institutional positioning)

According to Daniel K., an ETF market researcher who tracks daily flow patterns, the single-day inflow represents “approximately 0.3% of total ETH ETF assets under management, signaling cautious but meaningful interest returning to the market.”

Yesterday, Ethereum saw a net ETF inflow of $55.7 million, despite BlackRock’s ETHA ETF recording a $53.7 million outflow. Source: Ted via X

The stabilization arrives amid macro headwinds—including a strengthening U.S. Dollar Index and expectations of rising unemployment—factors that previously accelerated risk-off behavior. Historically, ETF flow reversals of this scale (such as in March and September 2024) were followed by multi-week recoveries, though not without volatility.

Technical Analysis: Key Levels Backed by Transparent Methodology

On the daily timeframe, Ethereum is attempting to retest the $2,800 resistance, which aligns with:

A multi-week horizontal supply zone

The 20-day EMA, currently flattening near the same level

A volume-profile peak from mid-October trading

If ETH breaks above $2,800 with strong volume, analysts see potential for a push toward $2,880 and the $3,000 psychological barrier, with a broader target at $3,220, a resistance zone defined by June 2024 price interaction.

A major down-and-up move may be forming, possibly retesting the all-time POC; I plan to buy ETH around March–April 2026. Source: Serapis1977 on TradingView

Key supports, based on historical pivot zones and volume-profile structure, include:

$2,620 (recent low and daily support)

$2,480 (high-volume node from Q2 2024)

Momentum indicators on the daily chart show mixed but improving conditions:

The 14-period RSI recently bounced from oversold levels (~30)

The MACD histogram is flattening after a prolonged downtrend, indicating cooling selling pressure

“Ethereum often posts sharp relief rallies after retesting multi-month support zones—similar to the rebounds seen in August 2023 and May 2024,” noted Leah M., an independent derivatives and technical analyst.

Derivatives Data Suggest a Conditional Recovery Setup

Funding rates on ETH perpetual futures have risen from 4% to roughly 6% annualized, reflecting cautious optimism among leveraged traders. According to OKX top-trader data, long-term accounts modestly increased their net long exposure during the recent dip—consistent with accumulation behavior seen during previous cycle pullbacks.

Bitcoin was trading at around 2,710.29, up 0.72% in the last 24 hours at press time. Source: Ethereum price via Brave New Coin

However, derivatives positioning alone does not confirm a trend reversal. A potential move toward $3,200 becomes more realistic only if:

ETH reclaims $2,800 decisively

Volume increases across major spot exchanges

ETF inflows persist for multiple sessions

Macro conditions do not deteriorate further

The accumulation aligns with ongoing network improvements. Per L2Beat data, Ethereum’s Dencun upgrade has reduced average Layer-2 transaction fees by 80–90%, depending on the rollup. Historically, major fee reductions have correlated with surges in L2 activity (e.g., the Arbitrum and Optimism adoption spikes in early 2023).

Coinbase Expands ETH Lending Program—With Neutral Risk Context

Coinbase has expanded its crypto-backed lending platform to include Ethereum, allowing eligible U.S. customers to borrow up to $1 million in USDC using ETH as collateral. Previously, the service supported only Bitcoin.

A Coinbase spokesperson stated that the program aims to provide liquidity options for long-term holders. However, analysts note that:

Borrowers face liquidation risks if ETH drops below collateral thresholds

Interest rates can fluctuate based on market volatility

Such programs historically see uptake primarily among professional or high-net-worth users rather than retail investors

The expansion may incrementally improve ETH liquidity, but its broader market impact will depend on adoption rates and collateral-risk management.

Ethereum Price Outlook: Bullish and Bearish Scenarios

ETH is currently trading around $2,770, attempting to stabilize after recent lows. Market participants emphasize a conditional approach to future price expectations.

Ethereum ($ETH) bounced near $2,600 and is testing $2,800; a break could target $3,000, while failure risks a drop below $2,500. Source: Ted via X

Bullish Scenario (Requires Technical & Macro Confirmation)

ETH could target $2,880 → $3,000 → $3,220 if:

Price closes above $2,800 on strong daily volume

ETF inflows continue for several consecutive sessions

Macro sentiment remains neutral or improves

Derivatives open interest does not spike excessively (avoiding overleveraged longs)

Bearish Scenario

If ETH fails to break $2,800 or faces renewed ETF outflows:

Retests of $2,620 are likely

A break below $2,480 could open room toward $2,350, a deeper historical support zone from April 2024

Long-term Considerations

Long-term Ethereum price projections for 2025 remain mixed but cautiously optimistic, with several analysts pointing to:

Increasing Layer-2 adoption post-Dencun

Stabilizing ETF participation

Continued institutional interest in ETH staking and collateralized lending

However, technical confirmation remains essential before any sustained trend reversal can be validated.

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Filed under: Bitcoin - @ November 22, 2025 8:10 pm