TLDR
- Ethereum trades near $2,245 after another rejection at $2,700 resistance.
- The weekly RSI is 47.71, and the MACD histogram is shrinking.
- US spot Ethereum ETFs recorded $93.3 million in outflows on November 6.
- The Glamsterdam Hoodi testnet activation was postponed from October 26.
- CoinShares’ base case puts ETH at $4,935 by 2031.
Ethereum (ETH) is trading near $2,245 on November 7. The price has pulled back from its October recovery highs around $2,700.
The drop follows another rejection at that $2,700 resistance. ETH had rebounded from about $1,500 during the summer before stalling there.
The 2025 high sits near $4,950. ETH remains well below that level today.
The weekly Relative Strength Index (RSI) reads 47.71, just under the neutral 50 mark. That points to weaker bullish momentum after the recent recovery.
The Moving Average Convergence Divergence (MACD) is still positive, with the MACD line above its signal line. The histogram has shrunk, which shows buying momentum is slowing.
Key Ethereum Price Levels and ETF Outflows
Immediate support sits near $2,200, with $2,000 below it. If that breaks, the $1,800 area comes into view, and $1,500 is the longer-term floor.
On the upside, ETH faces resistance between $2,500 and $2,700. Higher levels sit at $3,000 and $3,500.
Analyst Joep Gerla shared a longer view on X. He said ETH has ranged for almost five years, and that every earlier range ended in large gains. He added that this one is the longest ever and expects it to end with a big move.
$ETH has ranged for almost 5 years.
Every previous range ended in massive gains. This one is the longest ever.
This one’s going to be massive. pic.twitter.com/Aln9sH3mRC
— Joep Gerla (@CryptoGerla) November 6, 2026
Fund flows tell a different short-term story. Farside Investors data shows US spot Ethereum ETFs recorded about $99.9 million in outflows on November 5.
Outflows reached $93.3 million on November 6. BlackRock’s ETHA accounted for $90.8 million of that total.
Together, the two days add up to roughly $193.2 million in withdrawals.
Glamsterdam Delay and CoinShares Forecast
Ethereum’s Glamsterdam upgrade aims to improve scalability and transaction processing. The Ethereum Foundation postponed the October 26 Hoodi testnet activation.
The foundation cited technical compatibility issues that it needs to investigate. A revised schedule has not been confirmed.
CoinShares published a valuation framework in May 2026 with three scenarios for 2031. Its bearish case is $1,443, and its base case is $4,935.
The bullish case is $14,135. CoinShares ties its outlook to institutional investment, staking demand and adoption of blockchain-based financial services.
The firm also names competition from other blockchains and limited value capture from layer-2 networks as factors that could hold ETH back.
ETH was trading near $2,245 on November 7, just above the $2,200 support level.
