Ether tests key support as ETF outflows and weak momentum weigh

What happened

Ethereum is trading near the lower end of its recent range as sellers remain in control, according to Crypto Daily. The coin changed hands around $2,240 on Monday, roughly flat over 24 hours but down about 3% on the week and around 17% over the past month.

That decline has pushed ether below both of the moving averages traders watch most closely. The 50-day average sits near $2,410 and the 200-day near $2,310, and Crypto Daily notes that price below these lines tends to meet resistance at them.

The nearest support is around $1,940, a level ether has approached for weeks without a meaningful bounce. A close below it would open the way toward the next support near $1,850, the report said.

Momentum gauges support the cautious picture. The daily RSI is near 33, weak but still above the 30 threshold usually treated as oversold, while the MACD remains below its signal line. Crypto Daily said the bias stays bearish until fund flows turn positive and price reclaims both averages.

Why it matters

The debate matters because two sets of signals are pointing in different directions. Crypto.news reported that Ethereum broke above a descending trendline against Bitcoin, with ETH/BTC near 0.02955 on Max Crypto's Binance daily chart. Ash Crypto highlighted a longer-term rising support line that held despite October's decline, though he said a bounce above key resistance is still needed to confirm strength against Bitcoin.

Michaël van de Poppe offered a conditional bullish view, saying Ethereum looked decent but needed to clear a crucial resistance zone, and that altcoin outperformance would have to be led by ETH. Trader il Capo compared the latest pullback with a 2025 pattern and expected a bullish continuation.

On the dollar chart, however, the recovery has yet to overcome the moving averages, and ETF demand has faded. Crypto Daily reported that spot Ethereum ETFs logged net inflows on only three days between Oct. 5 and Oct. 30, with cumulative net inflows sliding from about $13.8 billion to $12.3 billion.

What the data shows

Farside Investors data cited by Crypto.news showed $139.7 million in net withdrawals from U.S. spot Ethereum ETFs on Nov. 2. BlackRock's ETHA accounted for $138.3 million of that, ETHB lost $4.6 million and Morgan Stanley's MSSE took in $3.2 million. Across the six sessions from Oct. 26 through Nov. 2, combined net withdrawals reached $571.1 million, with every session negative.

Crypto Daily reported that BlackRock's iShares Ethereum Trust shed about 580,000 ETH, worth roughly $1.3 billion, over a month. CoinGecko's Nov. 3 snapshot placed Ethereum's 24-hour range between $2,235.31 and $2,301.63, with a seven-day range from $2,178.62 to $2,384.72.

Crypto Daily also cited Grok, the xAI chatbot, which set an end-2027 target of $3,100 for ETH and put 48% odds on a bear case of $1,800. The chatbot's bullish scenario depends on steady positive fund flows and a reclaim of the 50-day average.

Background

Ethereum's recent recovery toward $2,300 followed a rebound above $2,250 on Nov. 1, when crypto.news reported ETH gaining 1.12% to nearly $2,270 while Bitcoin approached $78,000. The ETH/BTC ratio measures Ethereum's value in Bitcoin, so a rising ratio means ETH is outperforming BTC, including when both fall in dollars but Ethereum loses less.

What to watch

Traders are watching whether buyers can defend the $1,940 floor before sellers push ether toward the $1,850 area. On the upside, the first hurdle is near $2,360, just above the 200-day line, with a bigger test near $2,560. A sudden return of ETF inflows could also force short sellers to cover, pushing price quickly through nearby ceilings, Crypto Daily noted.

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