ETH Path to $5K in 2025 Needs Price Back Above $3.9K and a Clean Fusaka Upgrade

• Ethereum dropped more than 12% this week to a low near $3,245 before stabilizing around $3,300.
• U.S. spot ETH ETFs saw a $12.5 million net inflow on Nov 6, breaking a 6-day outflow streak and lifting ETF AUM to $21.75 billion.
• Holding $3,000 to $3,300 keeps a 2025 recovery toward $3,900 and then $5,000 in play, but a break below $2,665 weakens the structure.

Ethereum sold off hard this week, sliding more than 12% and briefly touching $3,245 before recovering to the $3,300 area in the last 24 hours. The drop came just as U.S. spot ETH ETFs finally turned green again. On Nov 6, 2025 (ET), the funds posted a net $12.5 million inflow, ending six straight sessions of redemptions. 

BlackRock’s ETHA pulled in the most, with Fidelity’s FETH following, while Grayscale’s ETHE still saw outflows. Total ETH ETF holdings now stand at $21.75 billion, about 5.45% of Ethereu…

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