Ethereum has pushed past a downward trendline when compared to Bitcoin, igniting bullish predictions from traders, despite ongoing withdrawals from U.S. spot Ether exchange-traded funds.
Summary
- ETH/BTC reached approximately 0.02955 on Max Crypto’s chart after surpassing a descending trendline.
- Ash Crypto noted that for Ethereum to affirm its strength against Bitcoin, it must overcome significant resistance levels.
- Michaël van de Poppe anticipates that altcoins will outperform but stresses that Ethereum should lead this trend.
- On November 2, U.S. spot Ethereum ETFs experienced net outflows totaling $139.7 million.
As indicated by charts posted by Ash Crypto and Max Crypto on November 3, Ethereum appears to be regaining strength compared to Bitcoin after its losses in October. Their analysis showcased two technical advancements: a close above a long-term rising support line and a breakthrough of a downward daily trendline.
ETH/BTC Charts Reveal Bullish Indicators
On Max Crypto’s daily Binance chart, ETH/BTC was trading around 0.02955 after climbing above a descending resistance line that had been set from earlier highs exceeding 0.033.
The chart illustrated the pair hovering near 0.029 before gaining momentum with the recent positive candles that propelled it past the resistance line. Previously, during the downturn, the pair repeatedly rebounded but remained under that descending line.
“The downtrend for ETH/BTC has concluded,” Max Crypto remarked, labeling this movement as a positive sign for altcoins.
Ash Crypto’s analysis spanned a longer timeframe, revealing a different trendline pattern. His rising support line linked lows from 2025 with subsequent higher lows, culminating in a monthly candle that closed above it despite October’s downturn.
“ETH/BTC has closed above its multi-month trendline, which is a bullish signal despite a challenging October,” he mentioned.
Moreover, he indicated, “We now need a jump above important resistance to validate that ETH is strengthening against Bitcoin.”
The insights from both analysts illuminated varied chart structures: Max Crypto highlighted a daily breakthrough from falling resistance, while Ash Crypto emphasized the maintenance of a rising support line over an extended duration.
Ethereum Faces Resistance in Dollar Value
Michaël van de Poppe shared an optimistic yet conditional perspective on Ethereum’s performance in dollars, claiming the asset appears “quite solid” but must breach an essential resistance area.
In his post dated November 3, he noted that momentum seems to favor altcoins over Bitcoin, and he remains fully committed to his positions, predicting they will outperform.
“This outperformance needs to be led by $ETH,” he emphasized, mentioning that a breakout from resistance would support his analysis.
The accompanying chart illustrated Ethereum’s efforts to recuperate from October’s decline, with multiple price zones marked above the latest candles.
Ethereum’s recent recovery towards $2,300 follows a bounce above $2,250 on November 1, as reported by crypto.news. In that session, ETH surged by 1.12% to nearly $2,270 while Bitcoin approached the $78,000 mark.
CoinGecko’s market overview on November 3 showed Ethereum’s 24-hour trading range between $2,235.31 and $2,301.63, with its seven-day range spanning from $2,178.62 to $2,384.72.
il Capo Foresees a Similar Ethereum Retracement to 2025
Trader il Capo announced a bullish outlook based on similarities between Ethereum’s recent pullback and its trading behavior in 2025.
“The retracement has played out,” he declared. “It initiated at the same resistance and halted at the same support level as in 2025. Fractal characteristics.”
His ETH/USD chart showcased two similar pullbacks within horizontal price zones, with circles highlighting comparable areas. An upward arrow indicated his anticipated next movement.
“Bullish continuation is expected, just like the remainder of the market,” he added.
The post included an earlier chart from September 25 illustrating the expected retracement. His most recent update depicted subsequent movements in alignment with that setup, though the projected recovery remains speculative.
The ETH/BTC ratio provides insights into how Ethereum is performing relative to Bitcoin. A rising ratio signifies that ETH is gaining on BTC, even during instances where both assets decrease in dollar value but Ethereum holds its ground better.
Continued Withdrawals from U.S. Ethereum ETFs
Recent fund flows in the U.S. showed a continued negative trend, as recorded by Farside Investors.
Spot Ethereum ETFs noted $139.7 million in net outflows on November 2. BlackRock’s ETHA accounted for $138.3 million of this outflow, while ETHB experienced a decline of $4.6 million. Morgan Stanley’s MSSE saw an inflow of $3.2 million.
In total, from October 26 to November 2, net withdrawals amounted to $571.1 million over six trading sessions, with every session ending negatively, including $155.7 million withdrawn on October 30.
The outflow on November 2 was $16 million less than the previous session’s total. Farside’s November 3 update still indicated dashes for individual funds, showing that no detailed fund-level figures were available for that session.