Ethereum's price chart targets sub-$3K as spot ETF demand cools
04.11.2025
10902
Ethereum's price risked a deeper correction toward $2,800 as institutional demand through ETH ETFs and treasury companies declined
- • Ethereum ETFs experienced outflows for three consecutive days, totaling $364 million.
- • Strategic Ether reserves and ETF holdings have dropped by 124,060 ETH since mid-October.
- • Ether's descending triangle is in play on the eight-hour chart, targeting $2,870 ETH price.
ETH just took a brutal 14% nosedive over the past month, crashing below $4,000 to trade at $3,724 on Monday. The charts and ETF data are screaming bearish, making a drop below $3K look increasingly likely.
Waning institutional demand pulls down ETH price
The ETH price dump is straight-up institutional de-risking in action. US-based spot Ether ETFs have been bleeding cash for three straight days, with outflows hitting $363.8 million according to SoSoValue data.
Meanwhile, the new US-based spot Solana ETFs are seeing four straight days of inflows - classic capital rotation from Bitcoin and Ether funds.
StrategicETHreserve.xyz data shows collective holdings of strategic reserves and ETFs have plummeted by 124,060 ETH since October 16. That's major institutional players pulling back hard.
Ethereum treasury companies are still going down. I don't think it'll continue for long. Until these stocks recover, I don't see a possibility of ETH price recovery.
Analyst Ted Pillows dropped this reality check on X, noting that BitMine is basically the only meaningful buyer left standing. He warned that with prices tanking, treasury companies will soon run out of money to buy ETH.
Descending triangle projects a 22% drop
Since October 7, ETH has been forming a classic descending triangle pattern on the 8-hour chart - flat support with downward-sloping resistance. This bearish reversal setup typically resolves with a breakdown below support, targeting a drop equal to the triangle's maximum height.
ETH has broken below the descending triangle pattern and is currently testing the breakdown level. If the retest of the breakdown level is successful, it confirms that the downtrend will continue.
Analyst CryptoBull_360 called this out on X. The measured target? $2,870 - a brutal 22% drop from current levels.
Adding fuel to the bearish fire: the SuperTrend indicator flipped from green to red and moved above price on Thursday. The last time this happened on October 7, ETH dropped 22% from $4,750 to $3,700.
Pillows says ETH is at a crucial support zone around $3,700, warning that if $4,000 isn't quickly reclaimed, we could see a deeper drop to $3,500. And if $3,700 support breaks? Previous analysis suggests ETH/USD could plummet to $3,350.
#Ether ETF#Institutional investments#Bear Market#Spot ETFs#Technical analysis
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