Ethereum price is currently trading at $3,397, down 0.86% in the past 24 hours. The cryptocurrency has fallen below its previous support level of $3,550 and is now testing a critical zone around $3,450.
The price action comes as Ethereum prepares for the Fusaka Upgrade on December 3rd. This network upgrade will introduce modifications that could influence price movement in the coming days.
Trading volume has declined by 18.54% to $32.74 billion. Despite the volume drop, Ethereum has gained 6.29% over the past week, showing some upward momentum.
Ethereum spot ETFs have seen $107 million in total outflows. All nine ETFs in the sector recorded zero inflows during this period. The total net assets of these ETFs now stand at $22.48 billion.
The outflows signal decreased investor interest in Ethereum-based financial products. This shift in sentiment comes as the broader market watches for potential catalysts.
Analyst Lennaert Snyder identified $3,590 as a key resistance level. If Ethereum breaks above this point, the next target could be $3,640. However, failure to breach $3,590 might trigger short positions.
$ETH tested $3,400 and bounced.
~$3,570 resistance is the only obstacle between testing key ~$3,640 resistance again.
If Ethereum comes in the $3,570 box, I'm watching for shorts after the failure and longs after the gain.
If Bitcoin rejects, ETH will probably follow and make… pic.twitter.com/oFMvgaskwq
— Lennaert Snyder (@LennaertSnyder) November 12, 2025
The next major support sits around $3,300. A break below this level could push Ethereum to a new monthly low. Traders are watching whether bulls can defend the current $3,400 range.
If Bitcoin faces price rejection, Ethereum could follow a similar pattern. This scenario might lead to a retest of the $3,400 support zone.
The Relative Strength Index stands at 45.14, indicating a neutral position. This means Ethereum is neither overbought nor oversold. The RSI moving average sits at 39.51, suggesting potential downside pressure.
The MACD indicator shows a small positive figure of 2.5, pointing to marginal bullish momentum. However, the MACD histogram remains negative at -152.2, indicating continued bearish pressure.
Trading volume according to CoinGlass data decreased by 2.56% to $81.38 billion. Open interest increased by 0.86% to $40.76 billion. The OI-weighted funding rate stands at 0.0023%, showing positive market sentiment.
The current price action puts Ethereum at a crossroads. Bulls need to hold the $3,300 support level to prevent further losses. Breaking above $3,500 would signal a shift toward bullish momentum.
$ETH has lost another key support level.
The next major support is around the $3,300 level, and if it fails to hold, Ethereum could make a new monthly low. pic.twitter.com/Q2iDX84cSK
— Ted (@TedPillows) November 12, 2025
Analyst Ted Pillows noted that Ethereum recently dropped an important support level. The failure to maintain higher support zones has created uncertainty among traders.
Ethereum is hovering around $3,400 with resistance near $3,600. The coming days will determine whether the cryptocurrency can reclaim higher levels or faces additional downward pressure.
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