Ethereum ($ETH ) Snapshot: November 2025
November 2025 was a month of price correction for Ethereum, but with strong underlying signals from network activity and major investors.
Price Drop & Volatility: The price of $ETH experienced a significant pullback throughout the month, dropping from the ~$3,300 level at the start of November to the ~$2,600 region, marking a drop of over 20%. Volatility was high, and sentiment was largely fearful.
Whale Accumulation: Despite the price drop, on-chain data showed that large investors ("whales") accumulated hundreds of thousands of $ETH , viewing the lower prices as a buying opportunity. This suggests underlying confidence in a medium-term recovery.
Network & Scaling Growth: Ethereum's role as the foundation for the wider crypto ecosystem strengthened.
The network maintained dominance in stablecoins and tokenized assets (RWAs).
Adoption of Layer 2 scaling solutions accelerated dramatically, with some L2s seeing transaction volumes surge to over 2 million per day by month's end.
Upcoming Catalyst (Fusaka Upgrade): Investor focus shifted to the imminent "Fusaka" upgrade scheduled for early December. This is expected to significantly reduce Layer 2 transaction costs (up to 40-60%) and improve overall network scalability, providing a major fundamental tailwind for ETH's future valuation.