Key Notes

Ethereum is set to close November with a steep 21% monthly loss after $1.28B in US ETF outflows and early-month whale selling.

Derivatives markets flipped bullish late in the month, with whales deploying over $700M in long positions at the $2,960 support cluster.

December outlook hinges on the $3,100 resistance, where $1.3B in shorts are positioned; a squeeze at that level could propel ETH toward $3,500.

Ethereum price hurtled toward the $3,030 level on Sunday, Nov. 28, setting the asset on course to close the month with 21.4% losses.

Heavy whale sell-offs in the first half of the month inflicted the most damage, as broader crypto markets reacted to the US government shutdown and political pressure facing the crypto-friendly Trump administration.

Ethereum ETF Flows Nov 2

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