Ethereum is trading above $3,050 after enduring weeks of intense selling pressure and a deep capitulation phase among short-term holders. While fear continues to dominate sentiment, new data shows market participation has remained surprisingly strong throughout the year. Ethereum’s real-time trading volume across all major platforms highlights a pivotal period in its 2025 trajectory, according to Arab Chain’s CryptoQuant report.
Throughout the year, ETH’s monthly trading activity has fluctuated significantly. During the market slowdown, trading volume initially fell to a range of $280 billion to $380 billion. However, increased volatility, renewed institutional activity, and macro changes led to a major rebound in the middle of the year. This surge helped Ethereum's total monthly trading volume reach a cycle high of over $599 billion in August. This is one of the strongest liquidity expansions in recent years.
Activity cooled after that, but the market remained inactive. By the end of November, total trading volume still hovered around $375 billion, highlighting continued participation from both retail and institutional participants despite weak price action.
Institutional activity and exchange liquidity strengthen Ethereum’s market structure.
Arab Chain explains that the sharp increase in Ethereum trading volume reflects significantly improved market liquidity and increased trader participation amid rapid price fluctuations throughout 2025.
Volatility has been a defining feature of the year, with trading activity amplified by macroeconomic developments, from changes in futures positioning to broader risk sentiment. Large traders in particular have played an increasingly influential role, reacting to futures market dynamics and macro changes through block trades that have triggered surges in liquidity.
Within this environment, Binance remains the central hub for Ethereum trading. Data shows that ETH spot trading volume on Binance reached approximately $198 billion in November alone, highlighting the exchange's unparalleled influence on real-time liquidity flows and short-term price discovery.
Both institutional and retail traders continue to rely heavily on Binance's depth, efficiency, and tight spreads, solidifying its role as the dominant marketplace for major cryptocurrency assets.
Meanwhile, the Ethereum Exchange Traded Fund (ETF) provided a parallel channel for institutional participation. ETF trading volume reached nearly $35 billion in November, demonstrating significant interest from traditional investors seeking regulated exposure to ETH.
This structured liquidity has added a layer of stability to the ecosystem, further strengthening Ethereum's overall market profile during periods of heightened uncertainty.
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Ethereum is attempting to stabilize above the $3,000 level after weeks of sharp declines to its lowest point since early 2025. According to the weekly chart, ETH has rebounded from a key confluence area near its 200-week moving average, an area historically frequented by important long-term investors. This bounce suggests buyers are defending structural support, but momentum remains fragile.
The chart shows a clear break in the upward trend in mid-2025, with prices falling below the 50-week moving averages and below the 100-week moving averages. These moving averages have now become indirect resistance, reflecting changes in market sentiment. Reclaiming these moving averages is important for ETH to regain strength.
Despite the current bounce, the broader structure shows lower highs since the September highs, keeping Ethereum in a vulnerable position. Bulls should protect the $3,000 area and head towards higher lows to avoid a deeper retracement. The coming weeks will determine whether this is a temporary rally of relief or the start of a larger recovery trend.
Featured image from ChatGPT, chart from TradingView.com
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