Ethereum is trading above $3,050 after enduring weeks of intense selling pressure and deep capitulation among short-term holders. Although fear continues to dominate sentiment, new data suggests market participation has remained surprisingly strong throughout the year. Ethereum’s real-time trading volumes across all major platforms highlight a pivotal moment in its 2025 trajectory, according to a CryptoQuant report by Arab Chain.
Throughout the year, ETH’s monthly trading activity fluctuated significantly. During the market downturn at the beginning of the year, trading volumes initially fell to a range of $280 billion to $380 billion. However, increased volatility, resumption of institutional investor activity, and broader macro shifts led to a strong recovery in mid-year. This surge pushed Ethereum’s total monthly trading volume past a cycle peak of $599 billion in August, marking one of the strongest liquidity expansions in recent years.
After that, activity subsided, but the market remained far from inactive. As of the end of November, total trading volume was still hovering around $375 billion, confirming continued engagement from both individual participants and institutional investors despite the bearish price movement.
Institutional investor activity and exchange liquidity strengthen Ethereum market structure
Arab Chain explains that the rapid increase in Ethereum trading volume reflects a significant improvement in market liquidity and strong trader engagement amid rapid price fluctuations throughout 2025.
Volatility has been a defining feature of this year, with macroeconomic trends amplifying trading behavior, from changes in futures positioning to broader risk sentiment. Large traders in particular are playing an increasingly influential role, responding to futures market trends and macro changes with large volumes of trades that drive a surge in liquidity.
In this environment, Binance continues to be the central hub for Ethereum trading. According to the data, ETH spot trading volume on Binance alone reached approximately $198 billion in November, highlighting the exchange’s unparalleled influence on real-time liquidity flows and short-term price discovery.
Both institutional investors and retail traders continue to rely heavily on Binance’s depth, efficiency, and tight spreads, reinforcing its role as the dominant marketplace for major crypto assets.
Meanwhile, Ethereum exchange-traded funds (ETFs) have provided a parallel channel for institutional investors to engage. ETF trading volume increased to nearly $35 billion in November, demonstrating significant interest from traditional investors seeking regulated exposure to ETH.
This structured liquidity added a layer of stability to the ecosystem, further strengthening Ethereum’s overall market profile during a period of heightened uncertainty.
Weeks of intensive post-fix testing support
Ethereum is attempting to stabilize above the $3,000 level after weeks of sharp declines that pushed the asset to its lowest point since early 2025. The weekly chart shows that ETH has rebounded from an important confluence zone near the 200-week moving average. This zone is a historically important area where long-term investors often intervene. This pullback suggests that buyers are defending structural support, but momentum remains fragile.
This chart shows the price moving below the 50-week and 100-week moving averages, showing a clear break from the uptrend in mid-2025. These moving averages are now acting as an immediate resistance line, reflecting changes in market sentiment. Retrieving these moving averages will be important for ETH to regain bullish traction.
Despite the current pullback, the broader structure points to lower highs formed since the September peak, leaving Ethereum in a vulnerable position. Bulls should protect the $3,000 area and push towards higher lows to avoid a deeper retracement. The coming weeks will determine whether this is a temporary economic recovery or the start of a larger recovery trend.
Featured image from ChatGPT, chart from TradingView.com
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