If bulls regain control, ETH could move above the $3,700 area and target the key resistance near $3,900.

ETF outflows and declining treasury purchases are cited as central drivers of near‑term bearish sentiment and price risk for Ethereum.

The four‑hour chart shows a bearish setup with recent long liquidations totaling about $269 million; RSI around 43 and MACD already negative reinforce selling pressure.

Technical indicators confirm bearish momentum, with MACD negative and RSI below 50 as ETH trades under key moving averages.

BitMine’s chairman argues Ethereum fundamentals are strengthening, noting rising stablecoin supply on ETH and record application revenue, suggesting price could follow fundamentals later.

Support near $3,300–$3,350 could defend a reversal and enable a retest of the $4,955 high if momentum turns positive; breaking below could target around $2,890.

Near‑term defenses at $3,300–$3,350 remain crucial, with a hold possibly setting up a November rebound toward higher highs.

Market dynamics show ETF selling versus selective whale accumulation, implying a potential rebound if retail capitulation eases and on‑chain signals improve.

Ethereum has fallen roughly 30% from its 2025 peak of $4,955, with price around $3,510 amid ETF outflows and broad liquidations.

Nine ETH ETFs have experienced continued outflows, including a $135.7 million single‑day drain on November 3, with BlackRock contributing $81.7 million in sales.

Total holdings in strategic ether reserves and ETFs have declined sharply since mid‑October, indicating reduced corporate buying pressure.

Analysts point to crucial support near $3,700; failure to reclaim $4,000 could open the door to deeper losses toward around $3,350 if support at $3,700 fails.

Bearish momentum is reinforced by a negative setup on indicators like the SuperTrend, reflecting a decline from around $4,750 to the mid‑$3,700s.

If Ethereum cannot clear the $3,800 level, downside risks persist with initial support near $3,580 and a stronger base around $3,550, followed by farther supports at $3,500, $3,420, $3,350, and $3,320.

An eight‑hour chart shows a descending triangle forming since early October, signaling a bearish reversal if price breaks below the immediate support.

On the hourly chart, a contracting triangle with resistance at $3,650 implies further downside if ETH breaks below $3,550.

Whale accumulation alongside retail capitulation is viewed as a driver for potential upside, suggesting a rebound if these patterns persist.

On‑chain metrics show the 30‑day MVRV ratio at −10.5%, placing ETH in an “opportunity zone” historically linked to accumulation and possible short‑term recoveries.

Key near‑term resistance sits at $3,650, with next targets at the 50%Fib near $3,740 and the $3,800 region, potentially opening momentum toward $4,000 and $4,050 in a positive scenario.

BitMine Immersion has added 82,353 ETH (about $300 million) to its reserves, taking total holdings to around 3.16 million ETH and signaling continued long‑term institutional demand.

BitMine’s size now totals roughly 3.39 million ETH (about 2.8% of supply), underscoring persistent large‑holder interest despite broader weakness.

Long‑term holders continue accumulating, with BitMine’s recent purchase contributing to a sizable reserve build and signaling confidence amid volatility.

Optimistic long‑term projections exist, including speculative targets well above current levels, though these scenarios remain speculative rather than guaranteed.

The 30‑day MVRV ratio sits at −10.5%, reinforcing the view of a possible buying opportunity and near‑term rebound signals.

Despite near‑term volatility, a blend of technical support, ongoing institutional accumulation, and favorable on‑chain signals supports a cautious outlook for a rebound in ETH.