Since early November, the price of the second-largest cryptocurrency has fallen nearly 20%, touching $3,000 for the first time in five months. Yet the Mayer Multiple indicator has suggested the possibility of a rebound.
The metric tracks the ratio of the asset’s price to its 200-day moving average. For the first time since June, it fell below 1, entering an accumulation zone.
Such levels have typically preceded multi-month advances, with the exception of the bear market in January 2022.
Earlier, analyst and trader Michaël van de Poppe called Ethereum’s current prices “ideal for accumulation.” In his words, the cryptocurrency is showing more resilient dynamics than bitcoin.
I stand my thesis on $ETH.
It’s provided a 30% correction against $BTC.
However, this is an ideal zone for accumulation and it’s holding up nicely over the past few weeks while Bitcoin has seen the worst week of 2025.
I don’t think that these prices on Ethereum will last for… pic.twitter.com/O3WWENVKwJ
— Michaël van de Poppe (@CryptoMichNL) November 17, 2025
At the time of writing, Ethereum trades around $3,100. It is up 1% over the past 24 hours but down 12.7% on the week.
Is the bottom near?
Despite the emerging case for long-term accumulation, Ethereum’s short-term price action looks unstable.
Analysts at Hyblock Capital said that even after clearing the key psychological level of $3,000, prices remain above several significant clusters of buy orders. Their removal could provoke further downside.
Here is the 1month $ETH liq heatmap.
We’ve swept quite a few of large (bright) long liq clusters. The next two below on ETH are 2904-2916, 2760-2772. pic.twitter.com/SJQQmcELC6
— Hyblock (@hyblockcapital) November 17, 2025
“Most of the long clusters have already been swept. The next critical zones for ETH are at $2904–2916 and $2760–2772,” the experts said.
They also noted the appropriateness of a deeper correction “to form a solid base.”
According to Altcoin Vector, Ethereum’s liquidity has “fully reset”—a situation that in the past was often observed before the breach of significant price lows.
ETH’s Liquidity has fully reset: a pattern we’ve seen before every major bottom.
When liquidity collapses, is followed by multi-week bottoming rather than a structural breakdown.
The correction/bottoming window stays open as long as liquidity rebuilds. $ETH is back in that… pic.twitter.com/6zVUaZnT7R
— Altcoin Vector (@altcoinvector) November 17, 2025
The specialists stressed that such compression often leads to a multi-week period of consolidation rather than an immediate market collapse.
In their view, the scope for correction remains until liquidity begins to rebuild. Should capital flow in over the coming weeks, Ethereum could shift to a new phase of growth.
Absent support, the price will continue to range, increasing the risk of a deeper pullback.
Analysts at Santiment noted that the asset is ready to reverse. They said this is indicated by active selling by small investors.
🦐 Bitcoin, Ethereum, and XRP are all showing good signs of a potential rebound with retail dumping on all three. We measure small, retail wallets as:
🪙 <0.01 coin $BTC Wallets: 0.36% of holdings dumped in past 5 days
🪙 <0.1 coin $ETH Wallets: 0.90% of holdings dumped in past… pic.twitter.com/VWlICTapEu— Santiment (@santimentfeed) November 18, 2025
Over the past month, this cohort of Ethereum holders has sold 0.9% of its balances.
“Historically, prices move in the opposite direction to retail behaviour. Therefore, the ongoing panic selling is viewed as a positive signal for a market recovery,” the experts explained.
Investor Ted Pillows said that for the second-largest cryptocurrency to regain bullish momentum, it needs to hold above $3,200. In that case, the next targets could be $3,400 and $3,600.
Earlier, BitMine head Tom Lee predicted that Ethereum would repeat bitcoin’s “supercycle”.