Ethereum price dipped to $3,030, down 21.4% for November due to whale sell-offs and US government shutdown concerns. US-listed Ethereum ETFs saw $1.284 billion in outflows, but Bitmine added $185 million worth of ETH. Derivatives market trends show bullish sentiment for December with potential for a breakout to $3,500.

Bulls controlled Ethereum with 3.97 million active long contracts surpassing $1.9 billion in shorts. The $2,960 zone attracted a $700 million long position cluster, supporting Ethereum’s $3,000 price level despite Bitcoin’s pressure. Derivatives sentiment is bullish, but $1.3 billion short positions near $3,100 pose a resistance level.

Technical indicators suggest Ethereum could reach $3,500 in December if the $2,960 support holds. RSI at 51 signals neutral momentum, while positive volume delta favors buyers. Failure to maintain support may lead to a drop to $2,880 and $2,820. Ethereum’s outlook remains positive with potential for further gains.

Read more at Yahoo Finance: Ethereum Price Slides to $3,030 as ETF Outflows and Whale Deleveraging Dominate November