Ethereum Price Today, November 25, 2025: ETH Holds Near $2,900 as Whales Load Up and Fusaka Upgrade Nears

Published: November 25, 2025

Ethereum price today (ETH/USD) at a glance

Ethereum is staging a cautious rebound today after weeks of heavy selling.

Current price: around $2,890–$2,900 per ETH at press time ^[1]
Intraday range: roughly $2,840 – $2,980 so far, reflecting a choppy but positive session for ETH bulls ^[2]
24-hour move: up around 2% versus yesterday, in line with broader crypto market strength ^[3]
7-day performance: still down about 8% from last week’s levels above $3,100 ^[4]
1-month performance: Ethereum has dropped roughly 29–30% over the past month, underperforming even the broader crypto market drawdown ^[5]
Market cap: about $349 billion, keeping ETH firmly in second place behind Bitcoin by total valuation ^[6]

So despite today’s bounce, Ethereum is still trading in what looks like a mid-cycle downtrend: price has broken down from the $3,000–$3,500 zone and is now fighting to hold a psychological floor near $2,800.

Why is Ethereum up today?

Ethereum isn’t moving in a vacuum. The entire crypto complex is reacting to the same macro and flows cocktail.

1. Macro: Fed “pivot vibes” and risk-on mood

Several major outlets point to a shift in interest-rate expectations as a key driver of today’s crypto rebound:

Odds of a U.S. Federal Reserve rate cut in December have jumped from around 40% to above 80%, according to derivatives markets, after recent comments from Fed officials and incoming data. ^[7]
U.S. equities rallied strongly on Monday, with the Nasdaq logging its biggest daily gain since May, helping drag crypto out of “extreme fear” and into a more risk-on posture. ^[8]

Crypto-focused reports describe today as part of a two-day rebound:

The total crypto market cap has climbed back above $3 trillion, rising around 1.5–2.4% over the last 24 hours. ^[9]
Bitcoin has reclaimed the $87,000 region, while Ethereum is up roughly 2–3% on the day around $2,900. ^[10]

In short: macro tailwinds + relief rally = better mood, but within a still-bearish medium-term structure.

2. ETF flows: BlackRock’s big Ethereum buy vs lingering outflows

A big part of today’s ETH narrative is about who’s buying.

On the bullish side:

BlackRock’s spot Ethereum ETF reportedly bought over $90 million of ETH in a single day, locking in roughly $92.6 million after two weeks of zero inflows. This helped flip sentiment from “institutional abandonment” back toward cautious optimism. ^[11]
A separate roundup notes that U.S. Ethereum ETFs saw about $96.7 million in net inflows on Monday, even as Bitcoin funds recorded over $150 million in outflows. ^[12]

At the same time, the picture is not uniformly rosy:

Data from a leading exchange shows at least one U.S. ETH ETF posted a $2.2 million outflow today, a reminder that some institutions are still taking profits or de‑risking. ^[13]
A CoinDesk analysis last week highlighted that U.S.-listed BTC and ETH spot ETFs have suffered record outflows in November, with ETH funds seeing around $1.79 billion withdrawn over the month. ^[14]

Net‑net, Ethereum ETF flows have turned tentatively positive in the very short term, but they’re still emerging from a month of heavy redemptions.

3. Derivatives & new products: more ways to trade ETH

Ethereum is also benefiting from a mini wave of new, more “Wall Street‑friendly” trading instruments:

Singapore Exchange (SGX) launched Bitcoin and Ethereum perpetual futures, which recorded nearly 2,000 lots and about $35 million in notional volume on day one. Tight spreads and eight major clearing members backing the products underscore institutional interest in regulated crypto derivatives in Asia. ^[15]
On the same day, Leverage Shares listed the world’s first 3x long and 3x short Bitcoin and Ethereum ETPs on the SIX Swiss Exchange, giving European traders exchange‑traded, leveraged exposure to ETH in a fully regulated wrapper. ^[16]

More pipes doesn’t automatically mean higher prices, but it deepens liquidity and broadens the toolkit for both hedging and speculation. That can make rebounds sharper — and selloffs nastier.

Whales are back: on-chain and high-leverage bets on ETH

Today’s Ethereum story also has a distinctly “whales are circling” flavor.

A $44M leveraged long at ~$2,946

Multiple reports highlight a high‑profile trader re‑entering the market with serious size:

An on‑chain–tracked whale known as “1011short”, famous for making around $200 million shorting crypto ahead of an October crash, has now opened a 5x leveraged long on Ethereum via the decentralized exchange Hyperliquid. ^[17]
The position is backed by roughly 15,000 ETH, giving the whale about $44–44.5 million in exposure with an entry price near $2,945.83. With ETH hovering around $2,890–$2,900, the trade is slightly underwater but far from liquidation (set around $2,326). ^[18]

A separate technical note points to whale accumulation on the spot side:

Analysts estimate that large addresses added 300,000+ ETH during the recent dip, as ETH retested the $2,800 support zone. ^[19]

Together, this paints a picture of “smart money” taking the other side of retail fear — but via high leverage, which can amplify both gains and losses.

BitMine Immersion: the mega‑holder in the background

Behind the daily noise sits a quieter but massive player:

Research on institutional treasuries indicates that BitMine Immersion now holds around 3.63 million ETH, or roughly 3% of total supply, with about $11.2 billion in combined crypto and cash on its balance sheet. ^[20]
The firm has signaled plans to stake up to 3.6 million ETH in 2026 via its MAVAN network, which would materially reinforce Ethereum’s proof‑of‑stake security and lock up a meaningful chunk of supply. ^[21]

That combination — leveraged whales trading the range and long‑horizon institutions quietly accumulating — is one reason ETH can look structurally strong even while price is in a downtrend.

Technical picture: ETH trapped between $2,800 support and $3,000 resistance

On the charts, Ethereum today looks like a classic “tug‑of‑war” between $2,800 support and $3,000 resistance.

Key technical points from multiple analyses:

ETH has repeatedly been rejected in the $2,950–$3,000 zone, which has acted as a ceiling for upside attempts throughout November. ^[22]
The current pullback followed yet another failed push through that band, sending price back into the mid‑$2,800s. Many traders are now laser‑focused on how ETH behaves around $2,800. ^[23]
Some analysts flag the risk of a “death cross,” with the 50‑day moving average threatening to drop below the 200‑day, often interpreted as a sign of weakening medium‑term momentum. On‑balance volume (a proxy for cumulative buying pressure) has been drifting lower as well. ^[24]
Momentum indicators are mixed: one report notes RSI near oversold territory (~30) without strong bullish divergence yet, suggesting the downtrend is stretched but not obviously reversing. Others highlight emerging bullish RSI divergence as ETH tries to reclaim $3,000, hinting that selling pressure may be fading. ^[25]
A separate macro‑level view from CoinDesk stresses that both Bitcoin and Ethereum are still in a pattern of lower highs and lower lows since early October; ETH would need to sustain a move toward $3,500 to seriously challenge that downtrend. ^[26]

Roughly speaking, today’s battle lines look like:

Immediate support: $2,800
Deeper support: around $2,626, flagged as the current yearly low and next major downside checkpoint. ^[27]
Immediate resistance: $2,950–$3,000
Upside pivot: a convincing break and daily close above ~$3,000–$3,050 could open a path toward the $3,100–$3,300 region highlighted in several price‑target models. ^[28]

Until one of these levels gives way, ETH looks range‑bound with a bearish tilt.

Fundamental driver #1: the Fusaka upgrade (December 3 target)

While traders obsess over $2,800 vs $3,000, long‑term investors are watching a different date:

December 3, 2025 — the target for Ethereum’s Fusaka upgrade.

What is Fusaka?

Fusaka is a major hard fork that bundles the Fulu (consensus layer) and Osaka (execution layer) upgrades, designed to push Ethereum’s scaling roadmap forward. ^[29]
A central feature is PeerDAS, a data‑availability scheme that lets nodes verify smaller samples of data. In practice, this means higher blob capacity and more efficient support for rollups — the layer‑2 networks that now handle a large share of Ethereum activity. ^[30]
Major exchanges and analysts expect the upgrade to reduce costs and improve performance for L2s, translating into cheaper, more reliable end‑user transactions without forcing ordinary nodes to scale to absurd hardware. ^[31]

Why does it matter for price?

Fidelity Digital Assets describes Fusaka as Ethereum’s most “cohesive, value‑driven” roadmap yet, noting that recent protocol decisions are more explicitly aligned with value accrual to ETH, not just technical elegance. ^[32]
Bitwise’s CIO has called Fusaka an “underappreciated catalyst,” arguing that reforms to L2 fee mechanics could significantly expand Ethereum’s blockchain revenue once live — a potential fundamental driver often ignored in day‑to‑day trading. ^[33]

Markets, however, currently seem reluctant to front‑run the upgrade, with ETH hovering near yearly lows just days before activation. If Fusaka rolls out smoothly and L2 economics noticeably improve, the narrative may shift quickly.

Fundamental driver #2: Ethereum’s privacy and enterprise “supercycle”

Another theme pulsing under today’s price action is privacy and institutional adoption.

Recent research highlights:

Aztec Network’s “Ignition Chain”, launched in November, is a fully decentralized Layer‑2 on Ethereum focused on private transactions, using zero‑knowledge proofs to hide sender, recipient, and transaction amounts while keeping Ethereum’s base security. ^[34]
EY’s Paul Brody has labelled 2026 the “golden year” for Ethereum privacy, citing the collapse of private transaction costs from about $100 to roughly $0.05 and growing enterprise demand for confidentiality on public chains. ^[35]
AInvest and other analysts point to Kohaku, a privacy‑first toolkit backed by the Ethereum Foundation, introducing features like stealth addresses (ERC‑5564) and private query layers for institutions that want compliance‑friendly privacy. ^[36]
Institutional use of Ethereum‑based DeFi risk‑management protocols is estimated to have jumped to 48% in 2025, up from 21% in 2023, as privacy‑enhancing technologies help mitigate reputational and governance risks. ^[37]
Ethereum’s tokenized assets market is pegged around $5 billion, with Layer‑2 transaction costs about 94% cheaper than a few years ago, making it increasingly attractive for enterprise‑grade finance. ^[38]

Several price‑prediction models tie this to medium‑term upside:

One analysis projects an average ETH price near $3,256 in 2025 and $3,812 in 2026, explicitly citing privacy tech and tokenization as catalysts. ^[39]
Another forecast from CoinDCX, published yesterday, argued that Ethereum could stage an 8–10% push toward the $3,850–$3,900 zone by late 2025 if ETF inflows and macro tailwinds cooperate. ^[40]
Standard Chartered’s research desk, meanwhile, has floated a more aggressive scenario with ETH near $7,500 by year‑end 2025 and possibly $25,000 by 2028, driven by policy momentum and deepening institutional adoption — though that’s firmly in the “optimistic outlier” camp. ^[41]

All of these are models, not certainties. But they explain why, even amid a month‑long drawdown, long‑horizon investors are still building positions.

Short-term Ethereum outlook: key scenarios for traders today

With price hovering around $2,900 and volatility elevated, the near‑term ETH story boils down to a few critical levels and narratives.

Bullish scenario (short horizon)

Conditions for a short‑term bullish extension include:

Macro stays friendly: rate‑cut odds hold, equities remain strong, and no fresh regulatory shock lands on crypto. ^[42]
ETF flows stay positive: inflows into ETH spot ETFs persist, ideally broadening beyond BlackRock’s product, and outflows in BTC products don’t trigger another cross‑market liquidation. ^[43]
Whales defend $2,800: leveraged longs and spot buyers maintain the defense of the $2,800 support and gradually absorb supply. ^[44]

If those align, technical analyses suggest ETH could:

Break back above $2,950–$3,000,
Probe toward $3,050–$3,200, with some models eyeing $3,300+ if momentum really flips. ^[45]

Bearish scenario

On the other side of the chessboard:

A renewed macro scare (hot inflation data, hawkish Fed commentary, or equity reversal) could revive risk‑off behavior. ^[46]
ETF outflows re‑accelerate, particularly if Bitcoin funds see another wave of large redemptions and risk managers de‑lever across the board. ^[47]
Traders fail to defend $2,800, allowing ETH to slice into the low‑$2,600s, with $2,626 as the next structural support referenced in several reports. ^[48]

More bearish technical voices still entertain the possibility of ETH briefly revisiting levels closer to $1,400 in a worst‑case capitulation, though that sits far below current pricing and assumes a much deeper cycle washout. ^[49]

Volatility factor

Options and derivatives data show:

Implied volatility remains high, even after pulling back from the spike during the latest selloff. ^[50]
For ETH, strangle strategies (betting on big moves in either direction) have been especially popular over the last 24 hours, reflecting trader expectation of large swings rather than a calm grind. ^[51]

Translation: short‑term ETH trading is not for the faint‑hearted. Position sizing, stop‑losses, and a clear timeframe matter more than any single price target.

Long-term perspective and risk reminder

Zooming out:

Ethereum is still the dominant programmable settlement layer in crypto, anchoring DeFi, NFTs, tokenized assets, and a growing universe of rollups. ^[52]
The Fusaka upgrade and the emerging privacy supercycle (Aztec, Kohaku, Nightfall, and more) are structural stories measured in years, not days. ^[53]
At the same time, the last month has proven — again — that even blue‑chip crypto assets can drop 30% in a blink, especially when ETF flows, leverage, and macro all move in the same direction. ^[54]

Nothing in today’s move from the high‑$2,700s to around $2,900 changes the basic facts:

Ethereum remains high‑volatility, high‑risk,
Price is still below recent highs and structurally in a downtrend,
And future paths depend on a tangled mix of macro data, regulation, upgrades, and human behavior — not any single model.

This article is informational only and should not be taken as financial advice. If you’re considering investing or trading, it’s wise to: