The price of Ethereum fell nearly 25% this quarter, falling to a low around $3,099 before stabilizing around $3,300 amid general market weakness and growing trade tensions between the United States and China.
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Lookonchain data revealed that three new wallets withdrew 4,920 ETH (worth $16.25 million) from Tornado Cash, a move coinciding with a 13% weekly price drop.
Analysts have linked this trend to large-scale repositioning of whales, with some addresses previously associated with HEX founder Richard Heart, who reportedly moved over 162,000 ETH ($619 million) into Tornado Cash earlier this year.
Despite the sell-off, the Crypto Fear & Greed Index remained in “Extreme Fear” at 21/100, a sentiment level that historically aligns with market lows. Santiment analysts observed a sharp shift in trader sentiment, noting that bullish comments on ETH outnumbered bearish comments nearly three to one.
ETH's price trends to the downside on the daily chart. Source: ETHUSD chart on Tradingview
Institutional Staking and ETF Entries Offer a Glimmer of Strength
Institutional data paints a more resilient picture. SharpLink, a Nasdaq-listed company, generated $100 million in annualized returns from Ethereum staking after accumulating 859,853 ETH valued at $2.9 billion.
The company’s success has fueled a new narrative around “productive ETH”, positioning Ethereum as a yield-bearing treasury asset rather than a speculative asset.
Market strategist Kyle Reidhead described SharpLink’s performance as “a compound revenue stream of over $100 million that performs in all market conditions,” projecting Ethereum’s advantage over Bitcoin’s static balance sheet model.
On-chain analysts expect similar strategies from companies like Bitmine, JPMorgan and other institutional players following the SEC’s approval of ETH staking ETFs earlier this year.
Meanwhile, US spot ETH ETFs saw $12.5 million in inflows on November 6, ending a six-day streak of outflows and bringing total assets under management to $21.75 billion, or about 5.4% of Ethereum’s market value.
Technical indicators suggest a potential rebound in Ethereum price towards $3,900 – $5,000
From a technical perspective, Ethereum price is hovering around the $3,200 to $3,350 support range, an area that many analysts, including Michaël van de Poppe, call a “prime accumulation zone.” Momentum indicators such as the RSI (46) and MACD (negative but flattening) suggest bearish exhaustion.
Looking ahead, traders are looking ahead to the next Fusaka upgrade, scheduled for December 3, 2025, which introduces PeerDAS (Peer Data Availability Sampling) to improve data throughput and scalability.
If ETH regains the $3,900 resistance, analysts predict a recovery trajectory towards $5,000 by the end of the year, supported by a decline in FX supply and renewed institutional demand.
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As stake returns and ETF inflows strengthen Ethereum’s fundamentals, market participants are increasingly viewing the current correction as a potential springboard for a fourth-quarter rally rather than a prolonged downturn.
Cover image from ChatGPT, ETHUSD chart from Tradingview
