Ethereum (ETH) price recorded a relief rally on Friday, November 7. The large-cap altcoin gained over 4% during the past 24 hours to retest a resistance/support level of around $3,468 during the mid-North American trading session.
Notably, the ETH/USD pair retested a supply wall established during the last two days. As such, the ETH price may be rejected again and trigger further capitulation.
Source: CoinMarketCap
The mild ETH price rebound was fueled by institutional demand. On Friday, on-chain data analysis revealed that Cathie Wood’s ARK Invest bought an additional 240K shares of BitMine Immersion in the past 24 hours.
Additionally, JPMorgan purchased 1,974,144 shares of BitMine, valued at about $102 million. As such, BitMine currently holds 3,395,422 ETH, worth more than $11 billion.
Following the sudden ETH and wider crypto pump, heavy liquidation of short traders was recorded. According to market data from CoinGlass, more than $621 million was liquidated from leveraged crypto traders in the past 24 hours, with around $370 million involving short traders.
Heavy liquidation of short traders resulted in a long squeeze.
From a technical analysis standpoint, the Eth price has been trapped in a mid-term correction. Popular crypto analyst @devchart noted that the ETH price will shift to bullish momentum if it consistently closes above $3,446.
Source: X
Otherwise, the crypto analyst believes that the ETH price is gradually forming a lower high in preparation for another selloff.
In the long term, the ETH/USD pair is on the cusp of a parabolic rally towards price discovery.
The macro bullish outlook for ETH is bolstered by the highly anticipated Fed’s Quantitative Easing (QE) set to begin on December 1, 2025.
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