Ethereum price breaks out as exchange supply drops, ETFs see inflows

Ethereum broke above a falling wedge on the daily chart while the amount of ETH held on centralized exchanges fell to the lowest level in years. The nine U.S.-listed spot Ether ETFs posted net inflows so far this week after three straight weeks of redemptions.

On-chain data indicate exchange reserves have dropped from about 20.9 million ETH in early July to roughly 16.8 million, leaving fewer tokens available for immediate sale. The decline reflects sustained withdrawals to self-custody and long-term storage.

ETF flows have shifted as well. After about $1.7 billion exited U.S. spot Ether funds over the past three weeks, the group received fresh net subscriptions this week.

On the charts, the falling wedge is a pattern of lower highs and lower lows within converging downward trendlines. The 200-day moving average near $3,096 is the next level in focus after limiting rallies since early November. Above that area, chart levels include $3,600, which aligns with the 61.8% Fibonacci retracement from the latest swing. Support is near $3,000, with a secondary level around $2,750, close to the 38.2% retracement.

Developers are preparing the “Fusaka” network upgrade, tentatively slated for December 3. Plans indicate it would be the largest update since The Merge, with changes aimed at improving data availability for rollups, a key scaling issue for applications on Ethereum.

Institutional accumulation has continued in recent weeks. Company updates from Bitmine show additional ETH purchases.

In recent weeks, Ethereum’s price action featured a two-week decline followed by a rebound that brought it back toward widely watched technical levels. Traders are watching whether price can hold above support while testing overhead resistance.

As we covered previously, Bhutan, via Druk Holding and Investments, staked 320 ETH through Figment on Nov. 27, 2025, bringing 10 Ethereum validators online, with on-chain data linking the funding addresses to the sovereign investment arm. After the staking, government-linked wallets held about 336 ETH, while ETH remains Bhutan’s second-largest crypto position after bitcoin; holdings include 6,154 BTC. Bhutan is also migrating its National Digital Identity system from Polygon to Ethereum, with completion targeted by early 2026, and lists BTC, ETH and BNB as reserve assets for Gelephu.