Ethereum Price Slumps as ETF Outflows, Long-Term Selling Mount

Ethereum’s price structure has deteriorated significantly over the past week, with the cryptocurrency now trading firmly below both the 7-day and 30-day moving averages according to data from 10x Research. The latest one-week change shows a decline of -6.6%, with ETH-USD failing to regain the short-term trendline at any point during the sell-off. The research firm’s analysis illustrates how Ethereum rolled over throughout early November as both moving averages curved downward, indicating that market structure has fully weakened.

This technical deterioration has placed the $3,000 region back into view, raising concerns about whether the cryptocurrency is preparing for a deeper correction. The current trading level around $3,182, combined with intraday lows stretching as far as $3,023, leaves very little margin between current prices and the critical support zone. If sellers continue to dominate and push the price below the $3,150 to $3,200 range, a direct slide to $3,000 becomes increasingly likely during the new week.

The technical deterioration is unfolding simultaneously with one of the heaviest redemption periods on record for Ethereum ETFs. According to data from SoSoValue, spot ETH ETFs have now seen more than $1.4 billion in net outflows since the beginning of November. This massive capital flight represents a decisive shift in institutional appetite and has created a feedback loop that continues to pull ETH lower whenever each price support level fails.

The sustained selling pressure combined with shrinking ETF demand has intensified the bearish momentum, with the pace of outflows accelerating throughout the downturn. This institutional exodus marks a significant reversal from previous periods of accumulation and reflects growing concerns about Ethereum’s near-term prospects among professional investors and fund managers.

On-chain flows paint a picture of an ecosystem under strain, with long-term ETH holders—wallets that have held their coins for three to ten years—now selling at their fastest rate since 2021. This group is known to be dormant during most market phases, making their recent activity particularly significant as it introduces a strong supply wave that exchanges have struggled to absorb.

The accelerated selling from these traditionally patient investors represents a fundamental shift in market dynamics. Historically, long-term holder distribution has often preceded significant market corrections, and the current pace of selling suggests growing concerns about Ethereum’s medium-term outlook among its most committed supporters.

Despite the overwhelming bearish pressure, the dynamic is not entirely one-directional. On-chain data reveals that a few large whale wallets have stepped in aggressively during the downturn, buying hundreds of thousands of ETH worth over $1 billion. This accumulation represents a significant vote of confidence from major market participants who see value at current price levels.

However, the scale of this whale accumulation has not been large enough to counteract the broader selling from long-term holders or the persistent ETF outflows. The result leaves Ethereum trapped inside a downward-tilting trend channel, with the buying pressure from whales insufficient to reverse the overall negative momentum. This imbalance between institutional selling and selective whale buying continues to create headwinds for any potential recovery attempt.

With Ethereum now trading around $3,182 and having touched intraday lows near $3,023, the cryptocurrency faces an immediate test at the psychologically important $3,000 support level. The combination of weakening technical structure, institutional outflows, and long-term holder distribution has created a perfect storm of selling pressure that shows few signs of abating.

The momentum behind this downturn appears strong enough to force another breakdown below $3,000 unless significant buying emerges to absorb the ongoing supply. Market participants are closely watching whether the whale accumulation will intensify at these lower levels or if the selling pressure from ETFs and long-term holders will continue to dominate, potentially pushing Ethereum into new correction territory below this critical support zone.