Recently, the price of Ethereum (ETH) has been fluctuating around $2600, sparking intense discussions in the market about the timing for 'bottom fishing'. On one hand, some opinions suggest that this is a 'golden pit' before institutional entry; on the other hand, there are warnings that this could be the beginning of a new bear market. This article will combine the latest market data and analysis to provide you with a comprehensive overview of the current market conditions for Ethereum, institutional movements, and future outlook.
Core insights overview
Recent price trends and key support levels
The price of Ethereum has experienced significant fluctuations recently, once dropping below $2600, leading to discussions in the market about key support levels.
Price Drops Below $2600
As early as mid-May 2025, Ethereum's price briefly fell to around $2450, then quickly rebounded. Entering November, the price fluctuated between $3000 and $4000, but volatility increased, briefly dropping below $2700.
Recent Price Range
As of November 19, 2025, Ethereum's price fluctuated between $2873.71 and $3256.93, showing that there is a bull-bear game within this range.
Key Support Level Analysis
Institutional and Whale Movements: Divergence and Games
"Is bottom-fishing lower than institutions?" This statement has been partially validated in the current market. On-chain data shows that market participants have exhibited significant divergence around the $2600 level.
Bulls (Whales Accumulating)
Despite the price drop, significant funds are still quietly flowing in. Data shows that whales holding between 1000 to 100000 ETH net accumulated over 1.6 million ETH by October 2025, worth approximately $6.4 billion, indicating confidence from institutions and high-net-worth investors.
Bears (Profit Taking at High Levels)
At the same time, some investors have chosen to take profits at high levels. For example, a certain address sold 175 WBTC on November 20, 2025, at an average price of $92,444.59, realizing a profit of approximately $3.097 million, reflecting the complex emotions in the market.
Future Outlook: Interwoven Bullish and Bearish Factors
For the future of Ethereum, the market is filled with uncertainties, but multiple factors are shaping its long-term value.
Bullish Factors
Technical Signals: Technical analysis indicates that Ethereum has shown a 'hidden bullish divergence' on the daily chart, suggesting that selling pressure may be weakening.
Historical Seasonal Patterns: Historical data shows that November is typically a good month for Ethereum, with an average growth of nearly 7% over the past eight years.
Institutional Continuous Layout: The approval of Ethereum spot ETFs provides traditional financial institutions with legal investment channels, and the inflow of funds is the core driving force for long-term bullish sentiment.
Bearish and Risk Factors
Uncertainties in the macroeconomic environment, regulatory policies, and the fragility of market sentiment may put pressure on prices. For instance, the market experienced a significant drop due to weakening expectations of Federal Reserve interest rate cuts. Additionally, if critical support levels such as $3510 are breached, it may indicate that a rebound will be delayed.
Summary and Investment Strategy
Overall, the Ethereum price around $2600 has indeed seen active layouts from institutions and whales, but this does not mean the market has bottomed out. The current market is in a critical game phase, with a mix of bullish and bearish factors.
In summary, for investors, the current market environment for Ethereum is full of opportunities and challenges. It is crucial to deeply analyze market dynamics and understand one’s risk tolerance before making decisions.
