Ethereum hits resistance, whales hold strong as price sinks 26% in November

Ethereum tried to break through a key resistance level this week, only to be politely shown the door once more.

At last check, the asset is down over 26% for the month. See below.

Source: CoinGecko

The cryptocurrency flirted with its upper trading band, buoyed by fresh flows into Ethereum ETFs and some whale wallet shuffling, but the price couldn’t quite seal the deal.

What’s next for Ethereum?

Market analyst Ted Pillows summed it up: push above this level with steady volume, and Ethereum could soar; fail again, and the price might stay in a range.

Ethereum is also set to undergo its Fusaka network upgrade on December 3, a protocol update aimed at improving efficiency, security, and scalability. Traders are watching closely, recalling that the Pectra upgrade in May coincided with a 50% price surge.

While past upgrades have fueled bullish sentiment, analysts caution that a repeat gain is not guaranteed, as broader market conditions and investor behavior ultimately determine whether ETH will “pump” again.

Short-term technical indicators offered a glimmer of hope, with MACD and market histograms hinting at strength, but the stubborn resistance kept the party from really getting started.

Meanwhile, whales bulked up their holdings while smaller traders trimmed theirs, making it clear who’s playing poker and who’s folding. Investors and market watchers are now holding their breath, wondering if Ethereum finally breaks out or continues its polite, range-bound dance.