Ethereum price fell for nearly two weeks, dropping from $3,633 on Nov. 10 to a monthly low of $2,680 on Nov. 21, according to crypto.news. Since then, it has rebounded above the $3,000 level — a key threshold analysts say must hold for a potential shift from a bearish to bullish trend. Trading at $3,013, Ethereum is up 7.3% over the past seven days but remains roughly 40% below its all-time high reached in August.
Three main factors have driven Ethereum’s price this week, with the primary catalyst being a sharp decline in tokens held across exchanges.
Data from CryptoQuant shows exchange reserves falling from 20.9 million in early July to 16.8 million at present. Lower exchange supply reduces the number of tokens available for immediate sale, easing selling pressure and generally supporting upward price momentum.
The second factor driving Ethereum’s recent price rebound is growing community anticipation for the upcoming Fusaka upgrade, potentially scheduled for Dec. 3. This would be the network’s largest update since “The Merge” and is expected to improve data availability for rollups, addressing one of Ethereum’s most significant bottlenecks.
Third, renewed inflows into spot Ether ETFs have supported the bullish shift. Data from SoSoValue shows that nine U.S. spot ETH ETFs have recorded $236 million in net inflows this week, following three consecutive weeks of outflows totaling $1.7 billion.
Ongoing accumulation by institutional players, including Bitmine, has also helped bolster trader confidence in Ethereum’s long-term outlook, reinforcing optimism for further price momentum.
Ethereum Price Analysis
On the daily chart, Ethereum has broken out of a falling wedge pattern — a technical structure characterized by consecutive lower lows and lower highs, confined within two converging, downward-sloping trendlines.
A breakout from a falling wedge pattern is often a precursor to a shift from a bearish to a bullish trend.
Currently, $3,096 — the 200-day moving average that has capped Ethereum’s price since early November — represents the next key resistance. A successful break above this level could spark a rally toward $3,600, near the 61.8% Fibonacci retracement of the recent swing high to swing low. This level is significant as it often acts as a pivot point, attracting fresh buying interest from traders seeking confirmation of a broader trend reversal.
On the downside, failure to hold the $3,000 support could see Ethereum retreat toward $2,750, which coincides with the 38.2% Fibonacci retracement and serves as the next key support zone.
