Ethereum’s slide is picking up speed. The token is trading around $2,800, down 3 percent in the past day and more than 15 percent over the past week. This is the first time ETH has broken below $3,000 since July 2025, back when corporate treasury desks were just beginning to experiment with holding ethereum on their balance sheets. $ETH.X ( ▼ 3.06% )
Spot ETF flows are not helping the picture. Investors pulled another $37.6 million from ethereum ETFs on Thursday, pushing November’s outflows above $1.5 billion. That is the largest monthly withdrawal since the products launched and a clear sign that appetite has cooled.
The $3,000 mark carries real psychological weight for traders. Round numbers often serve as anchors for decision-making, whether it is setting profit targets or deciding how much pain to tolerate before cutting losses. ETH slipping below that threshold is being read as a signal that the market wants more clarity on regulation, institutional adoption, and legislative momentum before it commits to the next leg higher.
There is also lingering fallout from the unwinding that hit crypto markets on October 10. Several large holders and leveraged players have been reducing exposure ever since, creating steady selling pressure in both bitcoin and ethereum. Some digital-asset treasury firms have become forced sellers as they try to narrow the gap between their share prices and the value of their on-chain holdings.
One example is FG Nexus $FGNX, which borrowed $10 million and sold more than 10,000 ETH to step up its share buyback program. The company says buying back stock below net asset value boosts its per-share metrics as outstanding shares shrink. Other treasury firms, including ETHZilla and GameSquare $GAME, have also sold ETH to fund repurchases or rebalance their books.
Market expectations reflect the bearish tone. Event-contract pricing shows a 70 percent chance ETH tests $2,750 before year-end. Some traders are leaning the other way, selling puts at the $3,000 strike and betting that the worst of the drawdown is behind the market.
For now, the focus remains on whether ethereum can reclaim that $3,000 level or if the selling pressure continues into year-end.