Ethereum News Today: Whale Moves and ETF Bets Clash as Ethereum Tests $2,800 Support

Ethereum (ETH) approached $2,800 in early December 2025 as spot ETF inflows reversed an eight-day outflow streak, signaling potential stabilization for the second-largest cryptocurrency. US Ethereum ETFs recorded $55.7 million in net inflows on November 21, driven by Fidelity's FETH, which attracted $95.4 million, while BlackRock's ETHA posted $53.7 million in redemptions. Despite the inflows, ETH's price remained below $2,800, down 12.9% weekly and 28.9% over 30 days according to data. Analysts noted that the $2,800 level aligns with on-chain realized price clusters for both retail and whale investors, potentially serving as a critical support zone according to on-chain analysis.

The ETF inflows followed a turbulent period marked by $1.3 billion in outflows between November 11 and November 20, with single-day withdrawals exceeding $260 million according to reports. Grayscale's ETH mini trust and Bitwise's ETHW also contributed to the November 21 recovery, adding $7.73 million and $6.26 million, respectively according to data. Total assets under management for ETH ETFs stood at $16.86 billion, with cumulative net inflows reaching $12.63 billion according to financial reports.

Price action reflected broader market weakness, as Ethereum underperformed Bitcoin and other major cryptocurrencies. The 28.9% monthly decline contrasted with Bitcoin's more muted pullback according to market data. On-chain data revealed whale wallets (holding 10K–100K ETH) accumulating 440K tokens over a week, attempting to push prices above their average cost basis, while smaller holders distributed 220K ETH according to on-chain analysis.

Technical analysts highlighted the $2,800 support level as historically significant, with Ethereum briefly testing $2,650 before stabilizing near $2,700 according to technical analysis. A recovery above this level could trigger a short squeeze, given shrinking long liquidations and rising short positions according to on-chain data. Meanwhile, institutional confidence persisted, with record-high staking activity-over 33 million ETH locked in November-and BlackRock advancing its iShares Staked Ethereum Trust ETF.

Market sentiment shifted as Federal Reserve rate-cut expectations surged to over 80% by late November, coinciding with a modest rise in the Coinbase Premium Index according to market analysis. However, uncertainty lingered, with the Fed's Beige Book and December policy outlook casting shadows over near-term prospects according to economic analysis.