Technical charts from November 3 point to a possible turning point for the ETH/BTC pair. Max Crypto observed the asset trading near 0.02955 on Binance after successfully breaking above a multi-month descending resistance line. Meanwhile, analyst Ash Crypto noted that the asset managed to close a monthly candle above critical rising support, reinforcing the potential for a trend reversal despite the broader market decline seen in October.
This optimism extends to Ethereum's dollar-denominated performance. Trader Michaël van de Poppe described the current setup as promising, though he emphasized that Ethereum must clear specific resistance zones to sustain momentum. Similarly, the trader known as il Capo has drawn parallels between current price action and historical 2025 patterns, suggesting the recent retracement reflects a familiar fractal that historically precedes a bullish continuation.
Institutional demand, however, tells a more cautious story. Data from Farside Investors reveals that U.S. spot Ethereum ETFs recorded $139.7 million in net withdrawals on November 2. BlackRock’s ETHA led the exodus with $138.3 million in outflows, contributing to a six-session streak that saw $571.1 million depart from these products. While traders remain focused on the technical breakout, the ongoing pressure on fund flows highlights a persistent divergence between short-term market sentiment and institutional behavior.
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