ETH price has dropped 3% to around $3,800, a critical support level, as bearish momentum intensifies amid rising outflows from spot Ethereum ETFs.
Ethereum ETH $3 854 24h volatility: 2.0% Market cap: $465.17 B Vol. 24h: $33.06 B price continues to face major selling pressure and investors are losing hope as bulls fail to defend the $4,000 levels.
With an additional 3% drop today, ETH is at a make-or-break situation at the crucial support at $3,800.
On the other hand, institutional demand is waning as outflows from spot Ethereum ETFs have surged again.
Will ETH Price Crack Under Pressure?
Amid the rising selling pressure, ETH price is testing the lows of $3,800, which is a crucial support for the largest altcoin.
With bears taking the charge, Ethereum is on the verge of breaking down from the recent consolidation pattern, said analyst Mister Crypto. Any fall below the consolidation pattern can trigger further losses.
$ETH is so close to breaking down…
Let’s hope for a bounce here. pic.twitter.com/h4ea2Iz4P6
— Mister Crypto (@misterrcrypto) October 31, 2025
Other market experts are also sharing a similar view. Crypto analyst Ted Pillows said that Ethereum (ETH) has once again tested the key support zone near $3,700 and is currently showing signs of a short-term rebound.
However, Pillows cautioned that the recent upward momentum appears weak, noting that ETH remains vulnerable unless it secures a daily close above $4,000.
$ETH tapped the $3,700 support zone again and is now bouncing back.
To be honest, the Ethereum pump isn't looking very strong now.
Until a daily close happens above the $4,000 level, expect more pain. pic.twitter.com/NfKnO4SftF
— Ted (@TedPillows) October 31, 2025
In a similar message on the X platform yesterday, Ted Pillows warned that Ethereum treasury companies may not have reached a bottom yet, despite signs of stabilization last week.
Ethereum treasury companies' bottom is not in yet.
Last week, it looked like they had bottomed out, but now they're going down again.
One reason behind this is that some treasury companies have started to sell their holdings, which is a massive red signal.
As I have said… pic.twitter.com/a70TkEpNg5
— Ted (@TedPillows) October 30, 2025
According to him, several treasury firms have resumed selling their holdings, signaling renewed weakness in the market.
He added that a sustained recovery among Ethereum treasury companies remains essential for ETH price rebound.
With $2.5 billion in Ethereum options expiring today, analysts are keeping close watch on future volatility.
Analysts at 10X Research added that shorting Ethereum could prove to be a more effective hedge as of now.
According to the firm’s latest market note, the once-dominant narrative of Ethereum as an “institutional digital treasury” is starting to unravel.
The report argues that institutional demand for ETH, driven by strategies like Bitmine’s accumulation and retail distribution model, has stalled. This has led to deteriorating on-chain momentum and weakening price support.
Spot Ethereum ETF Outflows Surge
Despite a strong start to the week, outflows from spot Ethereum ETFs have surged recently over the past two trading sessions.
On Wednesday, October 30, the net outflows from Ether ETFs stood at $184 million, as per data from Farside Investors.
BlackRock’s iShares Ethereum Trust (ETHA) led the most outflows at $120 million, with a total of 31,754 ETH moving out of the fund.
Despite the outflows, the fund saw $1.4 billion in trading volume, indicating continued investor activity around the product.
10/30 BlackRock ETH ETF $ETHA
Net flow: -31,754 ETH ($-120.25 million)
Volume traded: $1.4 billion https://t.co/Mken519N2s pic.twitter.com/a4TzTOyqwy— Trader T (@thepfund) October 31, 2025