The price of Ethereum slipped deeper in a bearish structure that has intensified over the past week. A combination of slowing momentum, strong ETF outflows and sale to long-term holders has caused the price of Ethereum to fall at a pace that has raised concerns about whether the cryptocurrency is bracing for a deeper correction.
The latest decline has now brought the $3,000 region back into view and raises the question of whether the dynamics behind this slowdown is strong enough to force another breakdown below $3,000.
Ethereum Price Falls Below Moving Averages as ETF Outflows Intensify
New data from 10x Research reveals that Ethereum is now trading firmly below the 7-day and 30-day moving averages, confirming a clear shift towards bearish momentum. The latest one-week change shows a decline of -6.6%, with the price failing to recapture the short-term trendline at any point during the sell-off.
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The chart provided by the research firm illustrates how ETH-USD reversed in early November as both moving averages ran lower, indicating that the market structure has completely weakened.
This technical deterioration is occurring just as the Ethereum ETF market is experiencing one of its largest buybacks on record. According to data from SoSoValuespot ETH ETFs have now seen net outflows of over $1.4 billion since the start of November, a move that shows the decisive shift in institutional appetite.
The combination of sustained selling pressure and a decrease in ETF demand has created a feedback loop that continues to push ETH lower each time each level of price support fails.
XRP Price Chart. Source: 10X Research On X
Long-Term Holders Selling Fastest Since 2021, But Whales Are Piling Up
On-chain flows paint the picture of an ecosystem under pressure. Data shows that long-term ETH holders, i.e. wallets that have held their coins for three to ten years, are now selling at their fastest pace since 2021. This group is known to be dormant during most market phases, so their recent activity has introduces a strong wave of supply which trade had difficulty absorbing.
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However, the dynamic is not entirely one-way. On-chain data shows that a few large whale wallets intervened aggressively during the downturn. and I bought hundreds of thousands of ETH worth over $1 billion.
At the same time, the scale of the accumulation was not large enough to counter broader long-term holder selling or ETF outflows, leaving Ethereum price stuck in a downtrend channel.
Ethereum is now trading around $3,182, but its intraday low extends to $3,023. This leaves very little margin between the current level and support zone at $3,000. If sellers continue to dominate and push the price below the $3,150-$3,200 range, a direct decline to $3,000 becomes increasingly likely in the new week.
Featured image created with Dall.E, chart from Tradingview.com
