Ethereum sold off hard this week, sliding more than 12% and briefly touching $3,245 before recovering to the $3,300 area in the last 24 hours. The drop came just as U.S. spot ETH ETFs finally turned green again. On Nov 6, 2025 (ET), the funds posted a net $12.5 million inflow, ending six straight sessions of redemptions.
BlackRock’s ETHA pulled in the most, with Fidelity’s FETH following, while Grayscale’s ETHE still saw outflows. Total ETH ETF holdings now stand at $21.75 billion, about 5.45% of Ethereum’s current market value, which tells traders that institutional demand has not disappeared even during the price decline.
Whale Flows Are Split, Not Pure Accumulation
On-chain data shows large holders are moving in two directions. The “7 Siblings” accumulation cluster bought 1,601 ETH, roughly $5.25 million, on the latest dip.
Since October 11, this group has purchased 45,800 ETH worth about $163 million, at an average price of around $3,561.
“7 Siblings” 竟然还在买呢：他们在今天继续购买了 1,601 枚 ETH ($525 万)。
10/11 大跌以来，每跌一次他们抄一次。到现在是一共花了 1.63 亿 USDC 购买了 4.58 万枚 ETH，均价 $3,561。
目前的价格低于他们抄底的平均价，这部分目前是浮亏 $948 万的。https://t.co/9mT8sTKrIz… https://t.co/TD5swRhklo pic.twitter.com/5EDELdxYYg
— 余烬 (@EmberCN) November 7, 2025
With current prices trading below that level, the wallets are currently facing an unrealized loss of roughly $9.48 million. However, selling pressure is also rising with Lookonchain data indicating that three newly activated wallets withdrew 4,920 ETH from Tornado Cash and sold at around $3,302.
Related: Solana vs Ethereum: Analyst Says SOL Is ‘Winning’
Meanwhile, Richard Heart, the founder of HEX and PulseChain, who previously accumulated 162,937 ETH ($619 million) this year at an average price of around $3,800. All of this was moved into Tornado Cash two days ago. Also, a wallet associated with SharpLink Gaming recently redeemed and deposited over 4,364 ETH into OKX.
Three new wallets just withdrew 4,920 $ETH($16.25M) from https://t.co/11PfRBP2j2 and sold at around $3,302.
Is this Richard Heart (@RichardHeartWin, founder of HEX, PulseChain, and PulseX) selling — or hackers?
For context, Richard Heart bought 162,937 $ETH($619M) at $3,800 in… pic.twitter.com/kNdLLRofwy
— Lookonchain (@lookonchain) November 7, 2025
ETH Price Analysis: Potential for Both Upside and Caution
ETH is attempting to stabilize with price currently hovering near lower Bollinger Band support after pulling back from the upper band highs above $5,200 earlier this quarter. The RSI sits near 46, while the MACD has turned negative, reflecting continued short-term bearish pressure.
$3,000 To $3,300 Is The Line For A 2025 Rebound
If ETH manages to hold above the $3,300–$3,000 support region and reclaim the $3,900 level, a recovery trend could form. However, a breakdown below $2,665 would weaken the medium-term bullish structure significantly.
Fusaka Upgrade Gives ETH Price A 2025 Catalyst
It is also important to note that the Ethereum Foundation has announced the upcoming Fusaka network upgrade, expected to activate on the mainnet around December 3, 2025. Fusaka will introduce PeerDAS (Peer Data Availability Sampling), aimed at significantly improving blob throughput following the earlier PeerDAS activation.
Related: Ethereum Price Prediction: ETH Shows Early Signs of Recovery After Extended Decline
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