Ethereum faces ETF outflows, long-term holder selling and key liquidity tests as whales buy the dip ahead of Fusaka upgrade.
Now Ethereum faces one of its toughest stretches this year as ETF outflows, long-term selling, and chart breakdowns hit at once. At the same time, whales, liquidity zones, and an approaching Fusaka upgrade pull the market’s focus to what comes next for ETH.
Ethereum is trading below its 7-day and 30-day moving averages, signaling a bearish trend as the token logs a one-week loss of about 6.6 percent. The breakdown comes after a sharp reversal from recent highs, keeping ETH under pressure against both the dollar and Bitcoin.
Ethereum Bearish Breakdown. Source: 10x Research
At the same time, spot Ethereum ETFs have recorded more than $1.4 billion in net outflows, pulling institutional money out of the asset. These redemptions, combined with faster selling from long-term holders who kept coins for three to ten years, are adding steady supply to the market. On-chain data shows this older cohort is selling at the fastest pace since 2021, a period that previously coincided with heavier volatility.
Yet large “whale” addresses are using the weakness to accumulate. During the latest dip, they bought hundreds of thousands of ETH worth over $1 billion, according to 10x Research. This accumulation provides a counterweight to the selling pressure, but until price recovers its short- and medium-term moving averages, the overall setup still leans bearish for Ethereum.
Meanwhile, Ethereum is approaching major weekly liquidity areas, according to new chart analysis from CapoLittle. The structure highlights a sequence of strong highs and lows, liquidity sweeps, and trendline reactions that have shaped ETH’s long-term market behavior.
Ethereum Weekly Liquidity Zones. Source: CapoLittle
On the chart, ETH shows several liquidity grabs beneath higher-timeframe supports, followed by recoveries toward mid-range resistance zones. These sweeps often align with trendline touches, indicating where leveraged positions are forced out before price reverses. The latest move pushes ETH back toward a confluence of support formed by prior sweeps and the ascending long-term trendline.
At the same time, the chart marks a recent break of structure near the upper resistance band, which previously triggered a sharp move upward. If ETH holds above its highlighted liquidity zone, the pattern suggests room for a rebound toward the upper boundary. However, a clean breakdown below the trendline liquidity region would shift focus to deeper support levels from earlier cycles.
Ethereum is quietly positioning for one of its most important milestones in years as the network moves toward the Fusaka upgrade scheduled for December 3, 2025. The chart shows ETH recovering from a recent pullback after the Pectra upgrade in May 2025, which preceded a 53 percent rally.
Ethereum Pectra To Fusaka Upgrade Chart. Source: X
Analysts now watch how the upcoming upgrade could shape the next phase of Ethereum’s price trend, with the market approaching a key period for network changes and investor expectations.
