Ethereum Bulls Target ETH/BTC Breakout as Spot ETF Outflows Reach $139.7 Million
Ethereum showed signs of improving technical momentum against Bitcoin on November 3, with the ETH/BTC trading pair breaking above a descending resistance trendline and trading near 0.02955. The move came despite continued institutional selling pressure, as U.S. spot Ethereum exchange-traded funds (ETFs) recorded $139.7 million in net outflows during the previous session.
Technical charts shared by analysts Max Crypto and Ash Crypto highlighted a potential recovery in Ethereum's relative performance following a period of weakness throughout October. However, the latest ETF figures suggest that institutional demand remains under pressure, creating a contrast between improving chart signals and persistent capital withdrawals.
ETH/BTC Breaks Above Descending Resistance
Charts published by Max Crypto and Ash Crypto on November 3 identified two developments in Ethereum's technical structure: a close above a long-term ascending support line and a breakout through a descending diagonal resistance level on the daily chart.
Max Crypto's chart placed the ETH/BTC pair near 0.02955 after it moved above the downward trendline that had previously limited recovery attempts. In a post on X, the analyst declared that the pair's downtrend was over and described the development as strongly positive for the broader altcoin market.
Ash Crypto also pointed to the importance of Ethereum maintaining support established during previous market cycles. However, the analyst noted that ETH still needs to break through an immediate resistance zone before its longer-term strength against Bitcoin can be established more convincingly.
The two technical observations suggest that Ethereum may be approaching a potential shift in relative market performance, although the breakout alone does not confirm a sustained reversal.
Analyst Compares Ethereum Correction With 2025 Pattern
Another market perspective came from trader il Capo, who compared Ethereum's latest pullback with a similar chart structure observed in 2025.
According to the comparative chart shared by the trader, the current ETH/USD correction started around the same horizontal resistance level and stopped near the same support zone seen during the previous year's market cycle.
Based on that technical comparison, il Capo suggested that Ethereum could potentially resume its upward movement alongside the broader cryptocurrency market. The projection remains dependent on whether the historical chart pattern continues to play out under current market conditions.
Ethereum traded between $2,235.31 and $2,301.63 over the 24-hour period covering the November 3 session, according to CoinGecko. Its weekly trading range stood between $2,178.62 and $2,384.72.
BlackRock's ETHA Leads $139.7 Million ETF Outflows
While Ethereum's technical indicators showed signs of recovery against Bitcoin, U.S. spot Ethereum ETFs continued to experience substantial withdrawals.
Data published by Farside Investors showed that the funds recorded combined net outflows of $139.7 million at the close of trading on November 2. BlackRock's iShares Ethereum Trust (ETHA) accounted for the largest share, with $138.3 million in net redemptions.
The ETHB fund recorded another $4.6 million in outflows. Meanwhile, Morgan Stanley's MSSE instrument attracted $3.2 million in net inflows, providing a partial offset to withdrawals elsewhere in the market.
The November 2 outflow total was $16 million lower than the amount recorded during the previous session. Nevertheless, the broader October trend remained unfavorable, with Ether exchange-traded products experiencing cumulative net outflows exceeding $1.6 billion during the month.
Ethereum's Performance Against Bitcoin Remains Key
The ETH/BTC ratio measures the value of Ethereum relative to Bitcoin rather than its dollar-denominated price. An increase in the ratio indicates that Ether is outperforming Bitcoin, regardless of whether both cryptocurrencies are rising or declining against the U.S. dollar.
This relationship makes the trading pair an important indicator for analysts assessing whether capital and market momentum could shift toward alternative cryptocurrencies.
Analyst Michaël van de Poppe has also highlighted Ethereum's importance in any potential altcoin recovery. While he sees the possibility of altcoins outperforming during future stages of the market cycle, he believes Ethereum must first demonstrate technical leadership against Bitcoin for that scenario to develop.
The combination of a technical breakout and continued ETF withdrawals leaves Ethereum facing two contrasting market signals. Traders are watching whether ETH/BTC can maintain its recent progress and overcome nearby resistance, while institutional flow data will remain an important indicator of investor demand.
Farside Investors had not yet published consolidated figures for November 3 as of the reporting deadline, leaving the latest institutional ETF flow picture incomplete.
source: crypto-economy
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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