Ethereum has broken above a descending trendline against Bitcoin, prompting bullish calls from traders even as U.S. spot Ether exchange-traded funds continue to record withdrawals.
Summary
- ETH/BTC traded near 0.02955 on Max Crypto’s chart after breaking above a descending trendline.
- Ash Crypto says Ethereum needs to clear resistance to confirm further strength against Bitcoin.
- Michaël van de Poppe expects altcoin outperformance but says Ethereum must lead the move.
- U.S. spot Ethereum ETFs recorded $139.7 million in net outflows on Nov. 2.
According to charts shared by Ash Crypto and Max Crypto on Nov. 3, Ethereum has shown signs of improving strength against Bitcoin following October’s losses. Their posts highlighted two separate technical developments: a close above longer-term rising support and a breakout through a descending daily trendline.
ETH/BTC charts show two different bullish signals
On Max Crypto’s Binance daily chart, ETH/BTC traded near 0.02955 after moving above a descending resistance line drawn from earlier highs above 0.033.
The chart showed the pair spending several sessions around 0.029 before its latest green candles carried it through the line. Earlier in the decline, successive rebounds had remained below that falling resistance.
“ETH/BTC downtrend is now over,” Max Crypto wrote, describing the development as bullish for altcoins.
Ash Crypto’s chart covered a longer period and showed a different trendline. His rising support line connected the 2025 bottom with subsequent higher lows, with the latest monthly candle closing above it despite October’s decline.
“ETH/BTC closed above its multi-month trendline despite a red October, which is a bullish sign,” he wrote.
His forecast included a further condition: “Now we need a bounce above key resistance to confirm ETH is gaining strength against Bitcoin.”
The two posts therefore highlighted different chart structures. Max Crypto focused on a daily break through falling resistance, while Ash Crypto pointed to the preservation of a rising support line across a longer timeframe.
Ethereum’s dollar chart still faces resistance
Michaël van de Poppe offered a bullish but conditional view of Ethereum’s dollar performance, saying the asset looked “pretty decent” but still needed to break a crucial resistance zone.
In his Nov. 3 post, he said momentum was more apparent among altcoins than Bitcoin and that he remained fully allocated to his positions, expecting them to outperform.
“This outperformance needs to be driven by $ETH,” he wrote, adding that a resistance breakout would support his outlook.
His accompanying chart showed Ethereum attempting to recover after October’s decline, with several marked price zones remaining above the latest candles.
Ethereum’s recent recovery toward $2,300 follows a rebound above $2,250 on Nov. 1, as crypto.news previously reported. During that session, ETH gained 1.12% to nearly $2,270 while Bitcoin approached $78,000.
CoinGecko’s Nov. 3 market snapshot placed Ethereum’s 24-hour trading range between $2,235.31 and $2,301.63, with its seven-day range running from $2,178.62 to $2,384.72.
il Capo points to a repeat of Ethereum’s 2025 retracement
Trader il Capo based his bullish call on a comparison between Ethereum’s latest pullback and its trading pattern in 2025.
“Retracement played out,” he wrote. “It started at the same resistance level and stopped at the same support level as in 2025. Fractal things.”
His ETH/USD chart highlighted two pullbacks within similar horizontal price zones, using circles to mark the comparable sections. An upward arrow illustrated his expected next move.
“Bullish continuation expected, just like the rest of the market,” he added.
The post included an earlier Sept. 25 chart showing the anticipated retracement. His latest update presented the subsequent move as consistent with that earlier setup, although the projected recovery remained his forecast.
The ETH/BTC ratio measures Ethereum’s value in Bitcoin. A rising ratio means ETH is outperforming BTC, including periods when both assets fall in dollars but Ethereum loses less.
U.S. Ethereum ETF withdrawals continue
U.S. fund flows remained negative in the latest completed session listed by Farside Investors.
Spot Ethereum ETFs recorded $139.7 million in net withdrawals on Nov. 2. BlackRock’s ETHA accounted for $138.3 million in outflows, while ETHB lost $4.6 million. Morgan Stanley’s MSSE received $3.2 million.
Across the six trading sessions from Oct. 26 through Nov. 2, the table recorded combined net withdrawals of $571.1 million. Every session in that period finished negative, including $155.7 million withdrawn on Oct. 30.
The Nov. 2 outflow was $16 million smaller than the previous session’s total. Farside’s Nov. 3 row still showed dashes for individual funds when checked, with no completed fund-level figures for that session.
