Ethereum is trading above $3,050 after enduring weeks of intense selling pressure and a deep capitulation phase among short-term holders. Although fear continues to dominate sentiment, new data suggests that market participation has remained surprisingly strong throughout the year. According to a CryptoQuant report from Arab Chain, Ethereum’s real-time trading volume across all major platforms highlights a pivotal period in its 2025 trajectory.
Throughout the year, monthly ETH trading activity has fluctuated significantly. Volume initially fell to the $280 billion to $380 billion range during the market downturn earlier this year. However, a major resurgence followed mid-year, fueled by increased volatility, renewed institutional activity and broader macroeconomic changes. This surge pushed Ethereum’s total monthly trading volume to a cycle high of over $599 billion in August, one of the largest liquidity expansions in recent years.
Even though activity subsequently slowed down, the market remained far from inactive. As of the end of November, total trading volume still hovered around $375 billion, highlighting the continued engagement of retail and institutional participants despite a downward price trend.
Institutional activity and trading liquidity strengthen Ethereum’s market structure
Arab Chain explains that the sharp increase in Ethereum trading volume reflects a significant improvement in market liquidity and strong trader engagement amid rapid price fluctuations throughout 2025.
Volatility was a defining feature of the year, and macroeconomic developments (from changing futures positioning to broader risk sentiment) amplified trading behavior. Large traders, in particular, have played an increasingly influential role, responding to futures market dynamics and macroeconomic shifts with high-volume trading that fueled spikes in liquidity.
In this environment, Binance remained the trading hub for Ethereum. Data shows that ETH spot volume on Binance alone reached approximately $198 billion in November, highlighting the exchange’s unparalleled influence on real-time liquidity flows and short-term price discovery.
Institutional and retail traders continue to rely heavily on Binance’s depth, efficiency, and tight spreads, reinforcing its role as the dominant marketplace for major crypto assets.
At the same time, Ethereum exchange-traded funds (ETFs) have provided a parallel channel for institutional participation. ETF trading volume soared to nearly $35 billion in November, demonstrating significant interest from traditional investors seeking regulated exposure to ETH.
This structured liquidity has added a stabilizing layer to the ecosystem, further strengthening Ethereum’s overall market profile during a period of increased uncertainty.
Support for testing after extensive correction over several weeks
Ethereum is attempting to stabilize above the $3,000 level after a sharp multi-week decline that pushed the asset to its lowest point since early 2025. The weekly chart shows that ETH has rebounded from a key confluence zone near the 200-week moving average, a historically important region that long-term investors often intervene in. This rebound suggests that buyers are defending structural support, but momentum remains fragile.
The chart reveals a clear break from the mid-2025 uptrend, with the price sliding below the 50- and 100-week moving averages. These moving averages have now turned into overhead resistance, reflecting a change in market sentiment. For ETH to regain bullish traction, it will be crucial to reclaim these moving averages.
Despite the current rebound, the broader structure shows lower highs since the September high, keeping Ethereum in a vulnerable position. Bulls need to protect the $3,000 region and push towards a higher low to avoid a deeper retracement. The coming weeks will determine whether this is a temporary recovery or the start of a broader recovery trend.
Featured image from ChatGPT, chart from TradingView.com
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