Ethereum (ETH) rebounded to nearly $2,434 before settling close to $2,390 on November 5, marking a recovery after dipping to $2,200 earlier in the week. Despite the upward movement, ETH is still facing notable resistance in the $2,450 to $2,500 zone.
ETF Flows Reverse After Steep Withdrawals
US spot Ethereum exchange-traded funds (ETFs) registered around $53 million in net inflows on November 4, according to Farside Investors. This signaled an end to a seven-session streak of outflows, which amounted to $656.4 million in total withdrawals.
Among the leading products, BlackRock’s ETHA ETF attracted $32.8 million in inflows, while Fidelity’s FETH added $19.2 million. Both Grayscale’s ETHE and Ethereum Mini Trust also saw positive movement. However, BlackRock’s separate ETHB product recorded $22.4 million in withdrawals, partially offsetting the overall gains.
The reversal is significant as October saw institutional selling intensify, with US Ethereum ETFs shedding about $1.61 billion for the month.
Before this most recent influx, total net redemptions through November 2 had reached $571 million since previous inflows, reflecting ongoing wariness among institutional investors as ETH fell closer to $2,200 amid declining ETF demand.
| ETF Product | Inflows (Nov 4) | Total Withdrawals (Past 7 Sessions) |
|---|---|---|
| BlackRock ETHA | $32.8 million | – |
| Fidelity FETH | $19.2 million | – |
| BlackRock ETHB | -$22.4 million | – |
| All US Spot ETH ETFs | $53 million | $656.4 million |
Mini dictionary: Farside Investors is a financial analytics firm that tracks ETF flows and provides data on investor sentiment across US-listed funds.
Institutional activity reversed trend on November 4, as spot Ethereum ETFs in the US recorded $53 million in net inflows, breaking a week-long withdrawal streak that previously topped $656.4 million.
Key Technical Levels as ETH Attempts Recovery
Recent technical analysis indicates that Ethereum’s outlook has improved since the steep selloff earlier in November. However, the cryptocurrency continues to face multiple resistance levels near $2,453 and within the $2,497-$2,500 range. If ETH can sustain momentum above $2,500, the $2,550 area could emerge as the next target.
On the downside, $2,390 is the first key support, followed by $2,357. A drop below both levels could place the $2,300 zone at risk and stall the recovery trend.
Ethereum’s daily relative strength index (RSI) has recovered to approximately 54, signaling improved momentum that remains below overbought thresholds. This marks a notable shift from earlier in the month, when persistent ETF redemptions heightened concerns about waning institutional demand despite previous price rebounds.
Momentum has improved for ETH, with the RSI near 54 as prices test resistance at $2,450, suggesting traders remain cautious after the extended ETF withdrawal period.
Institutional Demand and Market Recovery Outlook
Ethereum’s bounce aligns with a broader cryptocurrency market recovery following the US midterm elections. Lower Treasury yields and a weakening dollar initially supported risk-sensitive assets, while Bitcoin pushed toward $80,000. Yet, uncertainty around macroeconomic policy remains ahead of the closely watched November 6 US job report.
Upcoming employment data could shift expectations for Federal Reserve policy, potentially influencing crypto prices and further institutional flows into ETH and other digital assets.
Analysts warn that one day of strong ETF inflows may not guarantee sustained market accumulation. Investors are watching closely to see if demand through US-listed spot ETFs will continue as Ethereum tests key price levels above $2,400.
