Summary: Ethereum traded around $3.39K on Sunday, Nov. 9, 2025, with intraday moves contained after a volatile week. Attention is locked on mixed U.S. spot ETH ETF flows, Monday’s planned launch of Cboe’s “continuous” futures, and the Ethereum Foundation’s Dec. 3 Fusaka mainnet upgrade that promises a step-change in data availability. 1
Live ETH price snapshot (Nov. 9, 2025)
- Spot price: ~$3,388–$3,391
- 24h change: ~–1.3%
- Intraday range: High ~$3,451, low ~$3,359
- Market cap / 24h volume: ~$409B / ~$21.7B
- Circulating supply: ~120.7M ETH
Methodology note: Figures aggregate leading trackers; price/HL from live market feeds, market cap/volume from CoinMarketCap at press time. 1
What’s moving ETH today
1) U.S. spot ETH ETF flows turned choppy to end the week. After a modest $12.5M net inflow on Nov. 6, funds swung to a $46.6M net outflow on Nov. 7, underscoring fragile risk appetite after early-November selling. Flows matter because they alter steady buy/sell pressure from large vehicles. 2
2) A shifting retail backdrop in Korea is sapping crypto liquidity. New reporting points to a sharp drop in trading activity on Korean exchanges this year as local speculators rotate into AI-chip equities—another headwind for weekend volumes in majors like ETH. 3
3) Derivatives structure could change as soon as Monday. Cboe intends to launch “continuous” bitcoin and ether futures on Nov. 10 (pending final approvals), a U.S.-regulated analog to perpetual swaps that could broaden hedging tools and influence funding/term structure around ETH. 4
Network check: gas, activity and fees
On-chain costs remained unusually low in Sunday’s UTC morning session: Etherscan’s Gas Tracker showed ~0.08–0.09 gwei snapshots, implying sub‑cent L1 transfers at that moment. Cheaper blockspace can help usage but typically slows ETH burn versus high-fee periods. 5
The big near-term catalyst: Fusaka (Dec. 3)
The Ethereum Foundation confirmed the Fusaka mainnet upgrade for Dec. 3, 2025 (21:49:11 UTC). The release headlines PeerDAS (peer data-availability sampling) alongside a Blob Parameter Only follow-up to safely scale throughput—changes designed to expand data capacity for rollups and reduce L2 costs. With dates locked, traders are gauging how much of the upgrade is already priced in after 2025’s run-up and autumn drawdowns. 6
Context after a volatile week
- Key level: ETH lost and retested the ~$3,400 zone into Friday, with a print down to ~$3,331 before bouncing—keeping $3.30K–$3.50K as the immediate range to watch. 7
- From the highs: ETH sits ~31% below the Aug. 24, 2025 all‑time high (~$4,953), leaving a wide gap if risk sentiment heals. 8
Near-term calendar to watch
- Mon, Nov. 10: Cboe continuous ETH futures launch targeted (pending). Liquidity and basis behavior bear watching as U.S. traders get a new instrument. 4
- Thu, Nov. 13:U.S. CPI (October)—a macro swing factor for all risk assets. Depending on shutdown-related timing, the BLS schedule still lists an 08:30 ET release. 9
- Wed, Dec. 3:Ethereum Fusaka mainnet activation (epoch 411392). Focus: PeerDAS data capacity and downstream effects on L2 fees/throughput. 6
Bottom line
Ethereum is marking time near $3.39K as the market weighs mixed ETF flows, a derivatives market shake-up, and a major protocol upgrade three weeks away. For now, price action respects the $3.30K–$3.50K band; a clean break either way likely needs a catalyst—flows re‑accelerating, a benign CPI, or concrete signs that Fusaka’s data-capacity boost will translate into sustained on-chain demand. 2
Disclosure: This article is for informational purposes only and does not constitute investment advice. Crypto assets are highly volatile. Always do your own research.
