Ethereum Hovers Between $2600 and $2800 Amid Divergent Analyst Views and ETF Inflows

The price of Ethereum (ETH) has reached a critical technical juncture, currently consolidating within the narrow band of $2,600 to $2,800. This stabilization follows a notable downturn across global cryptocurrency markets observed as of November 22, 2025. The recent pullback was largely attributed to macroeconomic uncertainty, specifically how robust U.S. job growth data has influenced expectations regarding future interest rate adjustments. Market sentiment is presently leaning bearish, underscored by one of ETH's sharpest weekly losses since the middle of the year, which saw the asset dip to $3,185—a decline amounting to 11.6% over seven days.

Analyst Luca confirmed that a previously anticipated bearish trajectory has now fully played out. This scenario materialized after the price breached key Fibonacci support levels situated within the 'golden pocket' range, specifically between the 0.5 and 0.618 markers. Luca suggested that, given the confirmation of a bounce on lower timeframes, an upward reversal is the most probable next move. However, he stressed a cautious approach, indicating he will withhold from entering long positions until there is definitive proof of a sustainable bottom forming. Until then, he intends to maintain his current hedging strategies. Furthermore, Luca issued a warning: a decisive break below the established consolidation range would invalidate the theory suggesting a corrective Wave 2 pattern, pointing instead toward a sustained structural decline.

Contrastingly, analyst Ted Pillows offered a more circumspect short-term outlook. He noted that the rebound observed near the $2,600 level appeared weak. Pillows, who had previously highlighted Ethereum touching support around $3,100 but failing to muster strong recovery momentum, posits that further downside or a retest of the $2,800–$2,900 area might be necessary before a local bottom is established. Should the crucial $2,800 mark fail to hold, the possibility of dropping below $2,500 opens up, necessitating tests of deeper support zones. This divergence in expert opinion injects immediate uncertainty into the trading environment.

On the institutional side, a potential stabilizing force has emerged. Data from November 21, 2025, revealed that U.S. spot Ethereum ETFs recorded a net inflow of $55.7 million. This positive movement marked a significant turnaround after nine consecutive days of net outflows, which collectively totaled $1.33 billion. According to ETF researcher Daniel K., this $55.7 million inflow represents roughly 0.3% of the total assets under management for ETH ETFs, suggesting a tentative return of institutional interest. The Fidelity FBETH ETF led the inflow charge with a gain of $95.4 million, while the BlackRock ETHA ETF experienced an outflow of $53.7 million, illustrating mixed positioning among major institutional players. The aggregate net asset value across all ETH ETFs stood at $16.86 billion on that date.

Market observers suggest that if these capital flows stabilize, Ethereum could find a foundation for a potential rally, provided the technical indicators align favorably. Historically, similar reversals in fund flows, such as those seen in March and September 2024, have preceded multi-week recovery phases. Conversely, the inability to firmly secure a position above the $2,800 threshold—a level that has capped price action throughout November—will likely trigger a downward swing, with expectations pointing toward a test below $2,500. Consequently, the current market situation represents a significant crossroads where the interplay between technical analysis, macroeconomic pressures, and institutional capital movement will dictate the asset's immediate trajectory.