Ethereum Slides Further Into Bearish Territory

Ethereum’s price has continued to decline over the past week, entering a deeper bearish structure. Weakening momentum, heavy ETF outflows, and selling from long-term holders have combined to push ETH lower, raising concerns about a potential deeper correction. The $3,000 level is now back in focus, and traders are watching to see if downward momentum is strong enough to trigger a breakdown below that key support.

Ethereum Trades Below Moving Averages Amid ETF Redemptions

Data from 10x Research shows Ethereum is now firmly below both its 7-day and 30-day moving averages, signaling a clear shift toward bearish momentum. Over the past week, ETH has dropped roughly 6.6%, failing to reclaim the short-term trendline at any point. Moving averages have turned downward through early November, confirming that the market structure has significantly weakened.

This technical decline coincides with one of the largest outflows from Ethereum ETFs on record. According to SoSoValue, spot ETH ETFs have lost more than $1.4 billion since the start of November, reflecting a sharp decrease in institutional demand. Sustained selling pressure combined with ETF outflows has created a feedback loop, dragging prices lower whenever support levels fail.

Long-Term Holders Offload While Whales Accumulate

On-chain data reveals that long-term holders — wallets holding ETH for three to ten years — are selling at the fastest pace since 2021. Their activity has created significant supply pressure that exchanges are struggling to absorb.

Meanwhile, several large whale wallets have been accumulating aggressively, buying hundreds of thousands of ETH worth over $1 billion. However, this accumulation has not been sufficient to offset the broader selling pressure, leaving Ethereum stuck in a downward-sloping trend channel.

ETH Faces Immediate Risk of Testing $3,000

Ethereum is currently trading around $3,182, with intraday lows reaching $3,023. With minimal cushion above the $3,000 support, continued selling could push ETH below the $3,150–$3,200 range, increasing the likelihood of a slide to $3,000 in the coming week.