TLDR
- Ethereum pulled back from $3,100 after a TD Sequential sell signal appeared on the 1-hour chart, suggesting short-term exhaustion
- The price is trading in a descending channel with key support at $2,950 and resistance at $3,050
- Grayscale’s ETHE recorded $4.93 billion in cumulative outflows, the largest among all Ethereum ETFs
- BlackRock led a $312.6 million weekly inflow surge, accounting for $257.2 million of institutional buying
- Technical indicators show Ethereum trading near $3,002 with the 20-day EMA at $3,087 acting as resistance
Ethereum retreated from recent highs above $3,100 as technical indicators flashed warning signs. The cryptocurrency now hovers near $3,000 while traders watch critical support zones.
Crypto analyst Ali identified a TD Sequential sell signal on Ethereum’s 1-hour perpetual futures chart on Binance. This trend-exhaustion indicator appeared after ETH climbed from $2,700 to above $3,100.
The TD Sequential model tracks price momentum to spot potential reversals. When a sell signal forms after a strong rally, it often precedes consolidation or short-term pullbacks.
Ethereum currently trades within a descending channel on the 1-hour timeframe. The pattern shows lower highs forming against stable demand near the lower boundary.
The Relative Strength Index sits near its lower range. This position allows for potential short-term bounces, but rallies remain corrective unless ETH breaks above the channel’s upper boundary with volume.
Key support rests near $2,950 based on prior reaction lows and liquidity zones. This level would represent a normal retracement of the recent move rather than a breakdown.
ETF Flows Show Contrasting Trends
U.S. spot Ethereum ETFs recorded approximately $1.42 billion in net outflows during November. The data reflects fund creation and redemption activity throughout the month.
Grayscale’s ETHE accounted for $4.93 billion in cumulative net redemptions. The fund’s 2.5% fee structure drove legacy holders to exit positions in favor of lower-cost alternatives.
The final week of November brought a reversal in flows. U.S. spot Ethereum ETFs posted $312.6 million in net inflows during that period.
BlackRock led the weekly inflows with approximately $257.2 million. This marked the firm’s largest weekly Ethereum acquisition to date.
The inflows occurred as ETH rebounded from $2,620 back above $3,000. The timing coincided with broader market stabilization following Federal Reserve policy signals.
Combined net ETF assets now stand near $19.15 billion. This represents roughly 5.2% of Ethereum’s total market capitalization.
Price Structure and Trading Levels
Ethereum faces resistance near $3,050. This zone aligns with the descending channel’s upper boundary and a supply area from previous distributions.
The $2,960 to $2,950 region provides downside support. This demand area built up from repeated intraday bounces and liquidity concentration.
A rejection near $3,050 would fit with broader corrective behavior. The market structure suggests this region attracts selling when upside momentum weakens.
Ethereum traded at around $3,009.18 at press time. The price showed a 0.03% gain in the last 24 hours.
The 20-day exponential moving average sits at $3,087. This level has capped rebounds for nearly a month and serves as a key reference point for trend direction.
