Compass Investments

The break pushed Efirium below the 20-, 50- and 100-day moving averages, confirming increased selling pressure.

The asset is now in the $3,600-$3,450 demand area, which previously provided a rebound since May.

This area is the last significant support before a wider consolidation range around $2,850.

A loss of this segment could trigger a more serious correction in the near term.

This area also coincides with the July order block that triggered the previous upside move.

To resume the uptrend, ETH needs to regain the EMA cluster between $3,900 and $4,050.

Until then, sellers dominate and the risk of a deeper decline remains high.

the pressure on the whole market is adding to the decline, with Bitcoin (CRYPTO: BTC) trading at $101,000 and XRP (CRYPTO: XRP) at around $2.20, indicating risk aversion among major assets.

According to Coinglass, spot statistics show one of the largest daily outflows in recent weeks, with $222 million leaving exchanges.

The red net flow lines in October and early November reflect the continuous withdrawal of funds from platforms.

These patterns often mark distribution milestones, indicating profit taking by long-term holders.

This selling trend is consistent with the technical weakness seen on the daily chart.

Open interest is down nearly 6% over the past 24 hours, while volumes are up, suggesting that positions are being closed.

About $150 million of long positions were liquidated in 12 hours, indicating forced withdrawals rather than new buying.

The long/short ratio remains moderately positive, but the open interest data signals a waning of bullish optimism.

Volatility increases as leveraged positions reverse and traders test lower price barriers.