Ethereum holds KEY support: But risk of 6% ETH price dip grows!

ETH price performance reflected the capital outflow seen since the start of Q4. This quarter has been historically bullish for crypto since 2020, except for 2022 and 2025, as per CoinGlass.

Ethereum ETFs and whale activity contributed to this decline in price. However, the market showed a slight recovery in the last week of November. Will the capital outflow result in further decline, and by what magnitude？

Monthly Ethereum ETF outflows surge

The data from SosoValue showed that the last five consecutive days had positive inflows of more than $368 million. This was a reflection of capital inflow at a time when the whole market was finding its ground.

Source: SosoValue

The last quarter of the year has been bearish, but ETHs November has been the worst. Massive inflows in July and August powered the price of ETH higher, while the subsequent decrease in this activity resulted in a decline.

More capital outflow from OG whales

The capital outflow did not end at the Ethereum ETF activity but was extended to OG whales.

One early adopter of ETH was cashing out assets after about eight years of holding, having bought at $517, as per Crypto Patel on X.

The whale has been offloading his spot position gradually, with the latest being 18,000 ETH valued at $54.78 million. The deposit to Bitstamp was a hint to sell, affirming further capital outflow from the Ethereum ecosystem.

Source: Crypto Patel/X

Is Ethereum price at risk of decline？

The capital outflow risked a breakdown below the ascending trendline. In case this is actualized, ETH price could correct between 5% and 6% from the current price.

That way, the price could be back below $3,000 again.

Source: TradingView

Alternatively, if ETH defends this support level, the current rebound could continue pushing the price higher.