Ethereum Price Slips Toward $3,300 as DEX Volume, ETFs Wane
Ethereum price is under pressure as trading activity and investor demand weaken. Over the past 24 hours, Ethereum price fell about 3% to around $3,448, trading 30% below its August all-time high. Ethereum’s 24-hour trading volume dropped 12%, while derivatives volume slid 7.5% to $74.95 billion and open interest fell 3.4% to $38.74 billion. On-chain data from DeFiLlama shows monthly DEX volumes on Ethereum dropped from $128 billion in August to $99 billion in October, and total value locked slipped from $85 billion to $75 billion. U.S. spot Ethereum ETF providers recorded $107 million in outflows on Nov. 11, versus $532 million inflows into Bitcoin ETFs. Technical indicators remain cautious: the MACD is negative, RSI sits at 40, and support lies at $3,300 and $3,150–$3,200, with resistance near $3,520–$3,700.
Bearish
Falling Ethereum price, declining DEX volumes and ETF outflows signal weakening market participation and liquidity. Historically, reduced DeFi activity and negative ETF flows have led to price retracements. In the short term, a break below the $3,300 support could trigger further declines toward $3,150–$3,200. Long-term investors may view lower levels as buying opportunities, but overall sentiment remains cautious until on-chain activity and ETF inflows recover.