TL;DR:

  • The ETH/BTC technical pair traded near 0.02955 after breaking above a descending downtrend line, according to records shared by technical analysts on November 3.
  • Spot Ethereum exchange-traded funds (ETFs) in the United States recorded net outflows of $139.7 million during the closed session on November 2.
  • BlackRock’s ETHA product concentrated $138.3 million of total net redemptions recorded by Farside Investors on that session.

The ETH/BTC technical pair staged a breakout against a key descending trendline this Tuesday, November 3, despite U.S. spot exchange-traded funds maintaining a negative capital balance.

Charts published by technical analysts Max Crypto and Ash Crypto on November 3 showed signs of technical recovery for Ethereum against Bitcoin following the cumulative declines in October. The publications documented two specific chart developments: closing above a long-term ascending support line and breaking through a daily descending diagonal resistance.

ETH/BTC downtrend is now over.

GIGA BULLISH FOR ALTS. pic.twitter.com/aVyrPnJ1cR

— Max Crypto (@MaxCrypto) November 3, 2026

According to the chart shared by Max Crypto, the ETH/BTC cross traded around 0.02955 units after breaking through the downward line that had capped previous rebounds. The analyst stated in his post on X that the pair’s downtrend had concluded following that move and characterized the structure as favorable for altcoins.

For his part, Ash Crypto reported that the long-term structure preserved the support established from previous cycles. However, the analyst pointed out that Ethereum needs to overcome an immediate resistance zone to confirm extended strength against Bitcoin.

The market trader known as il Capo compared the recent pullback to the fractal behavior shown by the asset during 2025. According to the comparative chart presented by the trader, the current ETH/USD correction began at the same horizontal resistance level and halted at the same support zone seen in that yearly cycle. Under that technical premise, il Capo projected the possibility of an upward continuation in tandem with the broader market.

In spot markets, Ethereum posted a 24-hour trading range between $2,235.31 and $2,301.63 during the November 3 session, according to market data provided by CoinGecko. The cryptocurrency’s weekly range sat between $2,178.62 and $2,384.72 on the same platform.

Ethereum ETFs recorded 9.7 million in outflows on November 2

Spot ETF Flow Dynamics and Institutional Pressure

Despite the movement observed on the ratio charts, U.S. institutional vehicles maintained unfavorable readings at the start of the week.

Consolidated data from Farside Investors corresponding to the close of November 2 confirmed net outflows of $139.7 million in spot Ethereum ETFs. The iShares Ethereum Trust (ETHA), managed by BlackRock, led the redemptions with $138.3 million in withdrawals.

The ETHB fund saw an additional $4.6 million in outflows during the same session. In contrast, Morgan Stanley’s MSSE instrument posted net inflows of $3.2 million, partially softening the segment’s overall negative balance.

The total volume of redemptions recorded on November 2 represented a $16 million decrease compared to the previous session. During October, Ether exchange-traded products suffered a cumulative streak of net outflows exceeding $1.6 billion in aggregate, according to institutional flow records.

The relative performance of the ETH/BTC pair directly measures Ether’s market value priced in Bitcoin units. According to technical market definitions, an ascending reading in this ratio indicates that Ether is outperforming Bitcoin, which can occur during broad appreciation periods as well as during bearish phases where Ether experiences smaller percentage losses against the dollar.

Analyst Michaël van de Poppe stated that, although he sees the possibility of outperformance by altcoins in future phases of the cycle, Ethereum must technically lead that transition in its metrics against Bitcoin for that scenario to unfold.

The market awaits the definitive release of November 3 institutional ETF flow data from Farside Investors, which retained provisional entries without consolidated figures as of press time.