Key Insights:
- Ethereum price in focus as Spot ETH ETF saw around $1.4B in net outflows as institutional investors redeemed shares.
- Long-term ETH holders sold at their fastest pace since 2021 while whales bought over $1B in Ether.
- Ethereum shifted from the May 2025 Pectra rally toward the December 2025 Fusaka upgrade milestone.
Over the past week, the Ethereum Price came under pressure as ETH markets digested heavy selling and declining demand.
The US Spot Ethereum ETF recorded outflows, long-term holders realized gains, and chart signals pointed to a weaker trend.
Ethereum Prices Faces Pressure Amid ETF Outflows
In recent weeks, the ETH Price recorded a weekly loss of about 11% as sellers stayed in control. The token lagged both the dollar and Bitcoin, according to spot market performance.
The Ethereum price was below its 7-day and 30-day moving averages at the time of writing. These moving averages tracked the average closing price over a fixed period and helped smooth daily swings.
Shorter trend averages often reacted first when momentum shifted in either direction. When the ETH price stayed under both levels, many traders read that as confirmation of a bearish phase.
Some desks also monitored volume to judge whether the selling trend looked strong or began to fade.
Meanwhile, the US Spot Ethereum ETF saw around $1.4 billion in net outflows over recent weeks, according to 10X Research report. These vehicles let institutional investors gain exposure to ETH through traditional brokerage accounts rather than holding tokens directly.
When redemptions rose, issuers had to sell underlying holdings, which added further supply to the market.
On-chain data showed that long-term wallets holding ETH for three to ten years increased their selling activity. This group sold at the fastest pace since 2021, a period marked by sharp token swings.
Ethereum ETF redemptions and long-term selling together created a strong stream of ETH supply. That supply limited the impact of short rebounds and kept trend signals tilted to the downside.
Ethereum Price Response to Liquidity Zones & Whales Activity
While long-term holders sold, large wallets known as whales accumulated ETH during the recent decline. Research from 10x Research suggested that these addresses bought hundreds of thousands of tokens, worth over $1 billion.
However, whale demand did not offset the Ethereum ETF outflows fully, but it created meaningful two-sided activity in the market. This tug of war gave analysts a different lens on the Ethereum price than basic trend averages.
Chart analyst CapoLittle outlined several high-timeframe liquidity zones on the ETH price chart. A liquidity zone is described as an area with many resting orders and stops, where the price often moves quickly.
Meanwhile, high leverage is often clustered around those areas because traders placed tight stops near well-known levels.
When the ETH price moved quickly through a zone, liquidations could accelerate the move before conditions settled again.
According to the chart, ETH often dipped below support, swept liquidity, and then rebounded toward mid-range resistance. Many of those moves lined up with a rising trend line that linked major lows from prior cycles.
The latest decline carried Ethereum price back into a cluster of liquidity zones near that long-term trend line.
Traders watched whether the ETH price would hold that region or slide toward support levels from earlier cycles.
Fusaka Upgrade and the Next Phase for ETH Price
Beyond immediate flows, the Ethereum network moved toward the Fusaka upgrade set for December 3, 2025.
Developers described Fusaka as one of the most important milestones on the roadmap in several years.
Major upgrades usually adjusted how the network handled transactions, data storage, or staking incentives. Investors often reviewed those technical plans alongside regulatory and macro conditions when they evaluated long-term ETH price exposure.
It’s worth noting that the Pectra upgrade in May 2025 was followed by a rally of around 53% in the Ethereum price. Although it doesn’t guarantee to repeat, it showed how major code changes could align with market cycles and influence the sentiment.
Meanwhile, ETH price pulled back followed the robust rally and then tried to base above its long-term trend line.
Analysts said that price action around large upgrades often indicated whether long-term holders stayed confident or reduced exposure.
With Fusaka approaching, many desks treated the Ethereum price as a reflection of on-chain flows and upgrade expectations. Ethereum ETF outflows, whale accumulation, and selling from veteran wallets all fed into that chart as the network moved toward December.