Ethereum price is up 2% over the past 24 hours and is trading at $3,543 as of 4:00 AM EST, with daily trading volume up 18.93% to $39.53 billion.
Ethereum has been at the center of crypto news after co-founder Vitalik Buterin released a ‘Trustless Manifesto’ earlier today along with other Ethereum leaders. The open letter urges developers and builders to prioritize decentralization as the project grows.
1/ Today, the account abstraction team and @VitalikButerin publish something we’ve been talking about for years, but never wrote down clearly enough:
The Trustless Manifesto.
And we put it where it belongs: onchain.
trustlessmanifest.eth → https://t.co/VtabFPp5Eo
— Ethereum Foundation (@ethereumfndn) November 13, 2025
Buterin’s statement comes at a crucial time, when both technical advancements and institutional adoption of the Ethereum blockchain are on the rise. In the manifesto, Buterin said that trustlessness is not just a feature, but the essence of Ethereum. The message is clear: projects and protocols built on Ethereum should not sacrifice these core values just to attract more users or simplify operations.
The letter was also signed by researchers from the Ethereum Foundation and other key contributors. ETH’s community has taken this call seriously, especially after a recent cloud outage highlighted the pitfalls of centralized operations.
AWS is down 3-4 times in the last month.
The same thing happens every time: hundreds of apps, games, exchanges, dashboards, and even internal tools… they all go out together.
That’s not a bug, that’s how the centralized cloud works.
One platform. Shared control plane.
A few core…
— Gaurav_IO (@Gaurav_ionet) November 8, 2025
When an Amazon Web Services (AWS) incident shut down parts of the network, some layer 2 chains suffered, demonstrating how easily convenience can become a weakness. Buterin’s manifesto underlines that any short-circuit or focal point could eventually turn into a bottleneck, threatening Ethereum’s permissionless nature.
On-Chain Signals Supporting ETH Price
On-chain activity for Ethereum is currently at a peak.
According to industry trackers, November 2025 has reached record highs in key network metrics. Daily transactions, active wallets and smart contract calls are all at record highs, driven by the strong growth of decentralized finance (DeFi), NFTs and layer 2 adoption.
Number of active ETH wallet addresses Source: Glassnode
The number of wallets removing ETH from exchanges has also increased. This indicates strong holding activities and growing confidence in ETH’s future
Large holders are also not selling, indicating that accumulation continues. Any decline in the ETH price was met by an increase in on-chain transfers to private wallets and staking contracts, which took supply out of the market and kept the price stable.
Ethereum developers also remain active. Updates on scaling and privacy improvements have kept community sentiment strong, even as major investors look for short-term profits. The overall story on the chain supports a bullish outlook, especially if the bullish metrics continue through the end of the year.
ETH price technical analysis
Looking at the daily chart for ETH/USD, the price is showing signs of stability and recovery.
ETH is trading at $3,529, well above the important 200-day Simple Moving Average (SMA) of $3,449. This long-term trendline acts as a key support level, protecting against sharper declines.
Meanwhile, the 50-day SMA stands at $3,950 and now acts as a resistance level that ETH must overcome to signal more upside potential.
ETHUSD analysis source: Tradingview
Recently, ETH climbed up from the $3,450 area, marking the 200-day SMA as the support floor. The price is also within a larger upward channel, with buyers repeatedly intervening when ETH falls near the lower channel boundary, as shown in the chart.
Technical indicators present a mixed but improving picture: the Relative Strength Index (RSI) currently stands at 43.79, meaning ETH is neither overbought nor oversold. There is room for a step up as new buyers come on board
The MACD (Moving Average Convergence Divergence) is trying to turn positive and is currently at 2.74. This suggests that bullish momentum is building, but is not yet that strong
Ethereum price looks to break above USD 3,950
Meanwhile, the Chaikin Money Flow (CMF) is slightly negative at -0.11, indicating neutral pressure from major buyers and sellers.
If ETH can move above the 50-day SMA ($3,950), the next resistance will be found near $4,100-$4,240. A daily close above this band could lead to a move towards the previous highs at $4,950.
However, if ETH fails to break above $3,950 quickly, it could fall back to test support at the 200-day SMA ($3,450) or even at the $3,165 level marked by the Fibonacci retracement.
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