Ethereum Price Slides to $3,030 as ETF Outflows and Whale Deleveraging Dominate November

Core Insights - Ethereum's price is approaching the $3,030 level, with a projected monthly loss of 21.4% due to significant whale sell-offs and external pressures from the US government shutdown and political climate [1] ETF Performance - US-listed Ethereum ETFs experienced $1.284 billion in outflows from November 11 to November 20, despite returning to net inflows in the final week, which totaled $368 million. However, this was not enough to offset the monthly deficit of $1.4 billion in withdrawals [2] Whale Activity - Bitmine, the largest Ethereum treasury holder, added 14,618 ETH worth approximately $185 million in the last week of November, indicating a long-term commitment from US corporate investors [3] Derivatives Market Sentiment - The derivatives market shows a bullish trend as whales deployed $700 million in long positions at the $2,960 support level, although this did not reverse Ethereum's 21% monthly loss [4] - Data from Coinglass indicates that bulls regained control with 3.97 million active long ETH contracts, significantly outweighing $1.9 billion in total shorts [5] Price Support and Outlook - Ethereum maintained the $3,000 support area despite pressure from Bitcoin's price movements, with whales actively defending this zone, which may serve as a psychological anchor for December's price outlook [6] - The derivatives sentiment is bullish entering December, but there is a tactical ceiling near the $3,100 level due to over $1.3 billion in active short positions. A breakout above this level could lead to a short squeeze, potentially driving ETH towards $3,500 [7]