The price of Ether (ETH) is up 11% since falling below $3,000 on November 22 and reclaiming key support levels. Analysts say increased demand from institutions coupled with the tip of quantitative tightening could next result in a rally towards $3,600.
Key Takeaways:
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Ethereum demand is recovering together with ETF inflows.
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The end of the Fed's QT on December 1st will release liquidity into crypto markets.
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Ether's V-shaped chart pattern suggests a goal of $3,600 if key support holds.
Apparent demand for Ether hits a 26-month high
Ethereum's apparent demand remained positive despite the recent decline and has risen to its highest level since September 2024.
Apparent demand is a metric that measures market demand for Ether by measuring the difference between every day ETH issuance and the change in supply (supply that has been inactive for over a yr). Positive values indicate increasing demand.
Capriole Investment's Bitcoin Apparent Demand metric shows that demand for Ether rose sharply from 37,990 ETH on November twenty second to 90,995 ETH on November twenty sixth.
The increasing ETH demand through the decline indicates aggressive accumulation as a consequence of price declines, indicating an impending recovery.
Obvious demand for Ethereum. Source: Capriole Investments
The last time demand was this high was in September 2023, when the worth fluctuated between $1,500 and $1,700 after a 25% decline. This was followed by a 165% increase to $4,100 in March 2024.
Meanwhile, Ethereum ETF spot inflows have turned positive, recording three consecutive days of inflows totaling $230.9 million.
The reversal followed a painful period from November 11 to twenty, when Ethereum funds lost a complete of $1.28 billion, one in every of the longest and deepest red waves because the ETFs were introduced.
Part of Ether's ability to sustain a rally above $2,800 support rests on the expectation that increased demand and ETF inflows will provide tailwinds that may drive ETH price higher.
End of QT: History confirms Ether price rise
The US Federal Reserve is anticipated to finish quantitative tightening (QT) on December 1, something that has preceded parabolic ETH rallies previously.
When the QT ends, liquidity returns to the market and risk assets typically get well.
“QT ends on December 1st – it’s time to have a look and see how crypto behaved last time,” said crypto analysts Front Runners of their latest post on X.
An accompanying chart shows that within the previous cycle, altcoins “actually outperformed $BTC after the QT ended,” the analysts wrote, adding:
“BTC had already been in a downtrend for 200 days and liquidity rotation favored smaller assets.” 
The chart above also shows that Bitcoin dominance peaked immediately after the QT after which continued to trend lower, with a double top forming through the COVID-19 period before the decline resumed.
“The difference this time is that BTC is already below the 50W SMA, last cycle it only lost this level well after the QT ended,” Front Runners added.
If history repeats itself, the tip of the QT will trigger a liquidity rotation that might see altcoins led by ETH outperform Bitcoin (BTC) in the approaching months.
The most important cost base range is around $2,800
According to Ether's cost basis distribution data, investors purchased roughly 4.95 million ETH at a mean price between $2,800 and $2,830, creating a possible support zone.
This concentration suggests that many investors could defend the worth around this level, making this the start line for a rally.
Analysts say ETH needs to carry this support at $2,800 for bulls to regain their footing.
“Ethereum is trading back to its high level of $2.8k, which has acted as strong support and resistance throughout the cycle,” Daan Crypto Trades said in a post on Monday X, adding:
“It is vital for the cops to defend this area.” 
As Cointelegraph reported, a break and shut below $2,800 could signal the beginning of the subsequent downward move to $2,400 after which to the $2,100 level.
Ether’s V-shaped chart pattern targets $3,600
From a technical perspective, Ether's price motion since early November is forming a possible V-shaped chart pattern on the four-hour chart, as shown below.
ETH is now trading below a key supply zone between $3,000 and $3,500, where the 100 and 200 period easy moving averages (SMAs) are situated.
Bulls must push the worth above this area to extend the possibilities of the worth rising to the neck line at $3,650 and completing the V-shaped pattern. Such a move would mean a price increase of 26% from current levels.
On the opposite hand, the 50 SMA provided key support at $2,891, highlighting the importance of this demand area as mentioned earlier.
Commenting on the ETH/BTC chart, Michael van de Poppe, founding father of MN Capital, said that ETH is preparing for a powerful uptrend in the approaching weeks.
“This cycle is much from over.”
This chart stays extremely interesting as I believe we are going to see a powerful breakout higher for $ETH in the approaching weeks.
I repeat: this cycle is much from over. pic.twitter.com/T1wFgVAN44
– Michaël van de Poppe (@CryptoMichNL) November 26, 2025
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
