Ethereum rose by 6% and reached $2,423

On November 5, 2026, Ethereum (ETH) approached the resistance level of $2439 after a sharp rebound. However, address activity on the Ethereum mainnet remains below spring levels, and October marked a record outflow from U.S. spot ETH-ETFs.

Ethereum Activity Remains Weak

According to Glassnode, the 14-day moving average of active addresses dropped to 365,000 by October 17 – the lowest since December 2025. The figure then rose to approximately 375,000 but remained 25–30% below the spring range of 500,000–550,000.

This metric accounts for active addresses on the mainnet, not unique users. Additionally, it does not include operations within second-layer networks (L2). Therefore, its decline cannot be directly equated to a similar drop in demand for the entire Ethereum ecosystem.

October Brought Record Outflow from ETH-ETF

In October, U.S. spot ETFs on Ethereum lost about $1.61 billion in net funds, marking the largest monthly outflow since the funds' launch in July 2024. On November 3, the outflow amounted to approximately $85.35 million.

The claim of 23 consecutive sessions without inflow is incorrect: there were positive results on October 13, 21, and 23. According to Farside Investors, on November 4, the funds also recorded a net inflow of $42.6 million. These are currently isolated positive days against a negative monthly result.

ETF flows characterize demand through exchange-traded funds but do not cover all Ethereum purchases by institutional investors and do not allow for establishing a single reason for price changes.

Key Levels for ETH

On the daily chart, analysts highlight $2439 as the nearest resistance. Holding above it could open the path to $2500, and then to the $2920–2950 zone. These are conditional technical analysis benchmarks, not guaranteed growth targets.

Support is located around $2200. A break below it on a daily close increases the risk of further decline; a more distant benchmark is $1754. The narrowing of Bollinger Bands indicates the possibility of increased fluctuations but does not determine the direction of movement.

An additional event is the Glamsterdam update. However, the Ethereum Foundation has postponed its testing on the Hoodi network, and the launch date on the mainnet has not yet been confirmed.

The resilience of the recovery will be shown by a combination of signals: new inflows into ETFs, increased network activity, and ETH holding above resistance with sufficient trading volume.