Ethereum is showing signs of life against Bitcoin after slipping through October’s weakness, with traders pointing to technical breakouts even as U.S. spot Ether ETFs continue to see outflows. Technical picture: ETH/BTC flips the script On Nov. 3, several crypto analysts flagged moves in the ETH/BTC pair that suggest a shift in momentum. Max Crypto highlighted a daily breakout through a descending resistance line that had capped rebounds since earlier highs above 0.033 BTC. After several sessions around 0.029 BTC, fresh green candles carried the pair through that falling trendline, prompting Max Crypto to declare, “ETH/BTC downtrend is now over,” and calling the development “GIGA BULLISH FOR ALTS.” Ash Crypto offered a longer-term view: his chart connected the 2025 low with subsequent higher lows and showed the latest monthly candle closing above that rising support line despite a red October. He called this a bullish sign but cautioned that a sustained bounce above key resistance would be needed to confirm Ethereum is genuinely strengthening versus Bitcoin. Analyst views and context Michaël van de Poppe described Ethereum’s dollar setup as “pretty decent” but said a move through a critical resistance zone is still required to validate the bullish case. He also noted that momentum currently looks stronger in altcoins than in Bitcoin and that he remains fully allocated to positions expecting outperformance—if ETH can breach its resistance. Trader il Capo framed the recent pullback as a fractal replay of 2025 price action: the retracement started and stopped at the same horizontal zones, and he expects a bullish continuation similar to the prior pattern. What the charts mean The ETH/BTC ratio measures how Ether is performing relative to Bitcoin; a rising ratio means ETH is outperforming BTC—even in environments where both assets may be falling in dollar terms, Ethereum is losing less or gaining more. Max Crypto’s daily break suggests short-term dominance is shifting to ETH, while Ash Crypto’s monthly close above rising support points to a more structural holding of strength. ETH price and ranges Ether has been bouncing back toward the $2,300 area after reclaiming $2,250 on Nov. 1. CoinGecko’s Nov. 3 snapshot put ETH’s 24-hour range between $2,235.31 and $2,301.63, and its seven-day range between $2,178.62 and $2,384.72. During the Nov. 1 session, ETH rose about 1.12% to roughly $2,270 while Bitcoin hovered near $78,000. ETF flows remain a headwind Despite technical optimism, U.S. spot Ether ETFs continued to record net outflows. Farside Investors’ latest completed session showed $139.7 million in withdrawals on Nov. 2. BlackRock’s ETHA accounted for $138.3 million of that, while ETHB recorded $4.6 million in outflows. Morgan Stanley’s MSSE saw a $3.2 million inflow. Over the six trading sessions from Oct. 26 through Nov. 2, spot Ether ETFs posted combined net withdrawals of $571.1 million, with every session in that span finishing negative (including $155.7 million pulled on Oct. 30). The Nov. 2 outflow was roughly $16 million smaller than the previous session. Farside’s Nov. 3 row showed incomplete fund-level figures for that day. Bottom line Traders are increasingly bullish on ETH relative to BTC after both a daily breakout through descending resistance and a monthly close above a multi-month support line—two different technical angles pointing toward improving strength for Ethereum. That optimism is conditional: analysts want to see confirmed breaks of key resistance zones. At the same time, significant ETF outflows highlight that institutional demand remains a notable headwind to monitor as the market tries to sustain any rally. Read more AI-generated news on: https://app.chaingpt.org/news