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The Ethereum price has jumped 2% in the last 24 hours to trade at $3,543 as of 4:00 a.m. EST with daily trading volume up 18.93% at $39.53 billion.

Ethereum has taken center stage in crypto news after its co-founder, Vitalik Buterin, together with other Ethereum leaders, released a “Trustless Manifesto” earlier today. The open letter urges developers and builders to prioritize decentralization as the project grows.

1/ Today, The Account Abstraction Team & @VitalikButerin are publishing something we’ve talked about for years but never wrote down clearly enough:
The Trustless Manifesto.
And we’re putting it where it belongs: onchain.
trustlessmanifesto.eth → https://t.co/VtabFPp5Eo
— Ethereum Foundation (@ethereumfndn) November 13, 2025

Buterin’s statement comes at a crucial time, when both technical progress and institutional adoption of the Ethereum blockchain are surging. In the manifesto, Buterin said that trustlessness is not just a feature, but the very 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 Ethereum Foundation researchers and other key contributors. ETH’s community has taken this call seriously, especially after a recent cloud outage showed the pitfalls of centralized operations.

AWS has gone down 3-4 times in the last month.
Every time, the same thing happens: hundreds of apps, games, exchanges, dashboards, even internal tools.. all go dark together.
That’s not a bug, that’s how centralised cloud works.
One platform. Shared control plane.
A few core…
— Gaurav_IO (@Gaurav_ionet) November 8, 2025

When an Amazon Web Services (AWS) incident brought parts of the network down, some layer 2 chains suffered, revealing how easy convenience can become a weakness. Buterin’s manifesto underlines that every shortcut or central point could eventually turn into a choke point, threatening the permissionless nature of Ethereum.

On-Chain Signals Supporting The ETH Price

On-chain activity for Ethereum is currently peaking.

According to industry trackers, November 2025 has brought record highs in major network metrics. Daily transactions, active wallets, and smart contract calls are all at all-time highs, driven by strong growth in decentralized finance (DeFi), NFTs, and layer 2 adoption.

Number of active ETH wallet addresses Source: Glassnode

The number of wallets moving ETH off exchanges has also increased. This points to strong holding activity and growing confidence in ETH’s future.

Large holders are not selling either, suggesting accumulation continues. Each dip in the ETH price has been met by a rise in on-chain transfers to private wallets and staking contracts, which takes supply off the market and helps steady the price.

Ethereum’s developers remain active as well. Updates on scaling and privacy improvements have kept community sentiment strong, even with large investors eyeing short-term profits. The overall on-chain story supports a bullish outlook, especially if the bullish metrics continue into the year’s end.

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) at $3,449. This long-term trendline acts as a key support level, protecting against sharper drops.

Meanwhile, the 50-day SMA sits at $3,950, now acting as a resistance level that ETH must conquer to signal more upside.

ETHUSD Analysis Source: Tradingview

Recently, ETH bounced up from the $3,450 area, marking the 200-day SMA as a support floor. The price is also within a larger upward channel, with buyers repeatedly stepping in when ETH falls near the lower channel boundary, as shown in the chart.

Technical indicators offer a mixed but improving picture: The Relative Strength Index (RSI) is currently at 43.79, which means ETH is neither overbought nor oversold. There is room for a move higher if new buyers step in.

The MACD (Moving Average Convergence Divergence) is trying to turn positive, currently at 2.74. This suggests that bullish momentum is building, but not yet that strong.

Ethereum Price Eyes Breakout Above $3,950

Meanwhile, the Chaikin Money Flow (CMF) is slightly negative at -0.11, indicating neutral pressure from large buyers and sellers.

If ETH can push above the 50-day SMA ($3,950), the next resistance is found near $4,100–$4,240. A daily close above this band may spark a move to the prior highs at $4,950.

However, if ETH fails to break above $3,950 soon, it could dip back to test support at the 200-day SMA ($3,450) or even the $3,165 level marked by the Fibonacci retracement.

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