ETF Outflows Surge As Descending Trendline Blocks Every Rally Attempt

• Ethereum trades near $2,991, sliding further below the long descending trendline as sellers defend every rally attempt.
• ETF outflows jump to $37.4M, with BlackRock cutting $24.6M alone as spot flows show another $35.38M leaving exchanges.
• Bearish momentum stays firm, with ETH stuck under all major EMAs and liquidation-heavy derivatives data signaling continued pressure.

Ethereum price today trades near $2,991, slipping deeper below the long descending trendline that has controlled every rally since early October. The move keeps sellers in command as ETF outflows accelerate and spot flows remain negative across major exchanges.

Fresh ETF data shows another heavy withdrawal cycle. According to Ted Pillows, Ethereum ETFs recorded $37.4M in outflows yesterday. BlackRock alone sold $24.6M, making it one of the largest single-manager reductions in November.

Multiple issuers have been trimming allocations for over two weeks. The combined flows on November 18 and 19 show long streaks of red, reflecting sustained risk reduction from institutions rather than rotation.

Spot Flows Stay Negative As $35M Leaves Exchanges

Coinglass data confirms the pressure. Ethereum recorded $35.38M in net spot outflows on November 20. This continues a pattern of persistent red bars that began in late September.

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The distribution is broad, with repeated negative days across Binance, Coinbase, and Bitfinex. Sellers have consistently sent ETH back to exchanges, reducing the likelihood of a spontaneous reversal inside the current downtrend.

Derivatives Market Shows Pressure As Open Interest Contracts

Ethereum derivatives data shows growing caution from leveraged traders. Futures open interest fell 2.52 percent, dropping to $37.54B. The decline signals that traders are closing positions rather than adding to risk as price tests key support.

Despite the OI contraction, total derivatives volume increased 21.64 percent to $111.23B, suggesting active repositioning during volatility. Options volume jumped 30.72 percent, indicating that traders are hedging aggressively.

Long and short ratios remain skewed. Binance shows a strong long bias, with the long to short ratio at 2.57 on accounts and 3.47 among top traders. A similar pattern is visible on OKX. With so much leverage stacked on the long side, downside breaks tend to be more forceful because liquidation cascades intensify selling pressure.

Liquidation data supports this. Over the past 24 hours, the market saw $195.7M in liquidations, with $174.56M coming from long positions. The imbalance shows buyers have been caught leaning heavily into the trendline without defensive positioning.

Trendline Break Keeps Momentum Bearish

The daily chart shows ETH trading well below the descending trendline that connects the October and November swing highs. Every attempt to reclaim it has failed, including the latest retest near $3,250, where price was rejected cleanly.

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The 20 day EMA sits at $3,332, the 50 day EMA at $3,654, and the 100 day EMA at $3,753. All three slope downward and stack above current price. The alignment reflects a clear bearish structure where rallies face immediate overhead pressure.

The Parabolic SAR remains above price, confirming that trend momentum continues to favor sellers. The recent rejection near the trendline coincided with the SAR flipping downward again.

Key support sits at $2,950 to $3,000, a horizontal zone highlighted by the shaded region on the chart. This area held during two separate flushes earlier this month. If it breaks, the next demand block appears near $2,780, followed by the deeper summer range around $2,550 to $2,600.

Outlook. Will Ethereum Go Up?

The next move depends on whether buyers can defend the $2,950 to $3,000 zone. Flows, derivatives positioning, and EMA structure continue to lean bearish, but ETH is holding a key historical support shelf.

• Bullish case: A recovery begins only if Ethereum reclaims $3,332 and breaks the descending trendline with conviction. A close above $3,654 would confirm momentum and open a path to $3,900.
• Bearish case: A daily close below $2,950 signals a breakdown, exposing $2,780 and then $2,600 as the next liquidity zones.

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