Three Things to Know
- BitMine Immersion kept stacking ether in its latest weekly update, yet the coin still lost ground to Bitcoin.
- Ether now trades below both its 50-day and 200-day averages, and momentum gauges still favor sellers.
- A tight support band below the market is the floor traders are watching if the slide continues.
Ethereum's largest corporate holder is still buying. BitMine Immersion added more ether last week, but the token keeps sliding against Bitcoin, and its ratio to BTC just hit a four-month low.
The split matters because whale demand has failed to offset ETF redemptions and growing supply. Traders now want to know whether corporate buying can build a floor before sellers set one.
Whale Buying Fails to Stop the Slide Against Bitcoin
Ethereum closed at 0.0284 BTC on Nov 8, its weakest reading against Bitcoin since July 12. Back then the pair bottomed at 0.0283. The ratio shows how much Bitcoin one ether buys, so a lower number means ETH is losing the race.
The slide came even as BitMine Immersion kept buying. The company added 9,587 ETH in its latest weekly update. It now holds 6,070,092 ETH, about 4.97% of supply. The company has staked 5,227,037 of those coins.
Fund investors are moving the other way. U.S. spot ether ETFs lost a net $365.3 million from Nov 2 to Nov 6, leaving the average buyer underwater. Bitcoin funds shed $1.28 billion over the same days, but their holders sit on firmer ground.
Supply adds pressure. Roughly 122.2 million ETH now exist, up from about 120.7 million in October 2025. Token Terminal data shows on-chain stablecoins and funds fell about 19% after the KelpDAO exploit. The total dropped to $168.3 billion. Vitalik Buterin said the fee burn was never a price floor.
ETH trades about 56.7% below its $4,946 record. A turnaround needs the ratio back above 0.0320. A close below 0.0283 keeps Bitcoin the stronger hold.
Both Moving Averages Now Sit Overhead
Ethereum (ETH) daily price with the nearest support (green) and resistance (red). Source: TradingView
Ether changed hands near $2,120 on Monday, flat over the past day. The calm hides a weak week. The token is down about 6% over seven days, and buyers have not stepped in to reverse it.
A moving average smooths out daily swings to show the underlying trend. ETH now trades below its 50-day average near $2,360. It also sits under the 200-day average, around $2,310. When price holds below both lines, each one tends to act as a ceiling.
The order of the two averages adds a wrinkle. The 50-day still sits above the 200-day, a leftover from stronger months. That gap is narrow, and price has dropped beneath both. In practice, a recovery would have to clear the 200-day first and then fight through the 50-day just above it.
Over the past month, ETH has lost about 15%. On the daily chart, that drop leaves price pinned near the bottom of its 30-day range. There is no sign of a base yet, and each dip has carried on lower.
Sellers Still Hold the Momentum
Momentum readings point the same way as the averages. The daily RSI, a 0 to 100 gauge of buying and selling pressure, sits near 33. That reading is weak but still above 30, the usual oversold line. In plain terms, sellers have pushed hard, but the gauge leaves room for more downside before any stretched bounce becomes likely.
The MACD, a tool that compares short and longer price trends, stays below its signal line. That means momentum is still pointing down. Buyers have not produced the crossover that often marks the first turn higher.
Trend strength tells a similar story. A trend is starting to form, and sellers are leading it. A fresh downtrend tends to feed on itself as late buyers give up. For now the chart offers no bounce signal.
Where Does the Floor Sit if $2,120 Gives Way?
The first hurdle sits overhead at about $2,280. Buyers would need to settle above that mark to show the selling has paused. A reclaim would open the way toward the zone where both averages cluster. Above them, the next resistance waits near $2,400, a level that would put ETH back inside its earlier range.
Below the market, the picture is thinner. The nearest support forms a tight band between roughly $1,850 and $1,860. That shelf sits well beneath the current price, so a slide toward it would mean a further drop of more than 12%. Little on the daily chart stands in the way before then.
The two levels sit so close together that they act as one floor. If ETH closes below it, the chart shows no nearby support. Large holders like BitMine might buy that dip, but their buying has not stopped this decline so far.
Two Paths for the Next 72 Hours
- Bullish: A daily close above the first resistance would show buyers back in charge and target the next ceiling just above the averages. A drop back below Monday's price would cancel that setup.
- Bearish: If ETH keeps failing under that first hurdle, sellers likely press it toward the lower support band. A close above the higher resistance level would invalidate this path.
Bitcoin Remains the Stronger Hold
Until ether climbs back over its two moving averages and lifts its Bitcoin ratio, the trend stays with sellers. So far the chart has ignored BitMine's steady buying.
The main risk sits with fund flows. Another week of ETF redemptions, or a break through that support band, could speed up the selling.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: Crypto Daily