Ethereum has broken above a descending trendline against Bitcoin, and traders are turning bullish. Meanwhile, U.S. spot Ether ETFs keep recording withdrawals.
Traders say ETH/BTC traded near 0.02955 on Max Crypto's Binance daily chart after it moved above a descending trendline drawn from earlier highs above 0.033.
ETH/BTC charts show two bullish signals
Max Crypto described the breakout as bullish for altcoins, writing: "ETH/BTC downtrend is now over."
Ash Crypto pointed to a longer timeframe. According to his chart, ETH/BTC closed above its multi-month trendline despite a red October. He added a condition: Ethereum needs a bounce above key resistance to confirm it is gaining strength against Bitcoin.
Ether's dollar chart still faces resistance
Michaël van de Poppe offered a bullish but conditional view. He said Ethereum looked pretty decent but still needed to break a crucial resistance zone. He added that momentum was more apparent among altcoins than Bitcoin, and that any outperformance needs to be driven by ETH.
CoinGecko's Nov. 3 snapshot put Ethereum's 24-hour range between $2,235.31 and $2,301.63. Its seven-day range ran from $2,178.62 to $2,384.72.
Trader il Capo also called for a rise. He said Ethereum's latest retracement started at the same resistance level and stopped at the same support level as in 2025, and he expects bullish continuation. The projected recovery remains his forecast.
U.S. Ethereum ETF withdrawals continue
Flows stayed negative. According to Farside Investors data, spot Ethereum ETFs recorded $139.7 million in net withdrawals on Nov. 2, with BlackRock's ETHA accounting for $138.3 million of outflows.
Over the six trading sessions from Oct. 26 through Nov. 2, the table showed combined net withdrawals of $571.1 million. Every session in that period finished negative, including $155.7 million withdrawn on Oct. 30.
Source: crypto.news
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