Ethereum price risks breaking $3,300 support amid falling DEX activity, ETH ETF outflows

Ethereum price appears to be losing momentum as trading activity slows and investor confidence softens.

Summary

• Ethereum price is trades near support, down 30% from its all-time high.
• DEX volumes and TVL continue to fall across the Ethereum network.
• Spot ETH ETFs saw $107M in outflows, showing weaker investor demand.

At press time, Ethereum was trading at $3,448, down about 3% in the past 24 hours. Over the last week, the price has moved between $3,216 and $3,633, losing 16% over the past month and now 30% below its August all-time high of $4,946.

Trading activity has slowed. Ethereum’s (ETH) 24-hour trading volume dropped 12% from the previous day, showing weaker market interest. Data from CoinGlass shows derivatives volume down 7.5% to $74.95 billion, while open interest fell 3.4% to $38.74 billion. This indicates that after recent volatility, market activity is cooling and traders are taking fewer new positions.

DeFi activity weakens as ETFs record outflows

Ethereum’s on-chain numbers show a steady slowdown. Data from DeFiLlama reveals that monthly decentralized exchange volumes dropped from $128 billion in August to $103 billion in September, and then to $99 billion in October. The total value locked also fell from around $85 billion in late October to $75 billion at press time.

This drop in liquidity and trading shows investors are being more cautious. Although there are still about 16 million active Ethereum addresses, less money is moving through DeFi platforms, suggesting lower participation and weaker demand.

Adding to the strain, SoSoValue data shows that on Nov. 11, $107.39 million was pulled out of U.S. spot Ethereum ETFs. In contrast, $532 million was invested in Bitcoin ETFs that same day, suggesting that institutional investors are currently favouring Bitcoin over Ethereum.

However, some treasury companies, such as BitMine, continue adding ETH to their holdings, indicating that long-term investors are still optimistic about Ethereum’s prospects.

Ethereum price technical analysis

Ethereum’s chart presents a cautious image. The MACD is still slightly negative, suggesting that sellers still have the upper hand in the near term, while the relative strength index is at 40, indicating neutral-to-weak momentum. 

With resistance between $3,520 and $3,700, Ethereum is currently trading near the middle of its Bollinger Bands. Support sits near $3,300, a level where buyers have often stepped in.

The next major support may show up around $3,150 to $3,200 if ETH drops below this level. On the other hand, a strong move above $3,700 could push the price toward $3,850–$4,000.