Ethereum’s price ratio against Bitcoin moved above a descending trendline on Nov. 3, a technical shift that caught attention even as U.S. spot ETH funds stayed in negative flow territory.
Chart Move Draws Attention
Charts shared by Max Crypto and Ash Crypto showed the ETH/BTC pair closing above a long-running ascending support line and pushing through a daily descending diagonal resistance. Max Crypto said the downtrend in the pair had ended after the move, with the cross trading near 0.02955 units. He described the setup as favorable for altcoins, though one chart signal is not a full trend change.
Ash Crypto said the longer-term structure had held support from earlier cycles. Still, he noted that Ethereum needs to clear an immediate resistance zone before the strength against Bitcoin can be confirmed. That cautious view matters because ETH/BTC has spent months struggling to hold rebounds.
Trader il Capo compared the recent pullback with price behavior from 2025. In his chart, the correction started at the same horizontal resistance and stopped near the same support area. He suggested an upward continuation could follow if the broader market cooperates.
Spot Prices Stay in a Range
On CoinGecko, Ethereum traded between $2,235.31 and $2,301.63 over the prior 24 hours during the Nov. 3 session. The weekly range was wider, from $2,178.62 to $2,384.72. The numbers suggest a market that is still moving inside a defined band rather than breaking out sharply on the dollar side.
ETF Flows Remain a Drag
Institutional flows did not match the more hopeful tone on the ratio chart. Farside Investors data for the Nov. 2 close showed $139.7 million in net outflows from U.S. spot Ethereum ETFs. BlackRock’s iShares Ethereum Trust, ETHA, led redemptions with $138.3 million. ETHB lost $4.6 million, while Morgan Stanley’s MSSE fund took in $3.2 million, which softened the total but did not reverse it.
The Nov. 2 redemptions were $16 million lower than the previous session. October was much worse in aggregate, with more than $1.6 billion in net outflows from Ether exchange-traded products, according to flow records.
Analyst Michaël van de Poppe said altcoins may outperform in later phases of the cycle, but Ethereum must first lead in its ETH/BTC metrics for that to happen. Traders are still waiting for final Nov. 3 ETF flow figures from Farside, which had only provisional entries at the time.
Perhaps the breakout holds. Perhaps it fades like earlier rebounds. For now, the chart has improved while ETF demand remains soft.
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