Ethereum Price Prediction After $3K Lost: What Happens to ETH DATs Now Paper Gains Are Gone?

The Ethereum price is down a further -9% in the past 24 hours, dropping to around $2,700, a level not seen since mid July, 2025, marking a four-month low for the second-largest digital asset by market cap. Technical indicators and institutional demand are leaning bearish, which could see ETH slip below $2,500 before 2025 comes to a close.

Ethereum DATs (Digital Asset Treasuries), the most prominent being Bitmine and SharpLink, are down on their respective ETH accumulation, failing to enjoy the success of the original DAT, Michael Saylor’s Strategy.

Bearish 2022 Fractal Showing Up on ETH Chart – $2,500 Next for the Ethereum Price?

The Ethereum price is currently in a four-week losing streak and is now flashing a bearish fractal pattern last seen in 2022, suggesting further downside for ETH before any potential rally.

A market fractal is a repeating pattern that traders can use to identify potential trend reversals in charts. Presently, ETH is showing a bearish fractal setup similar to one seen in 2022, when ETH dropped from $4,750 to $800, a -81.93% decline.

If ETH experiences a similar drop, it could fall to $2,450, a further -10% from its current price of $2,730. It is part of a broader bearish downtrend that has seen the Ethereum price decline by -28% over the past 30 days.

Ethereum treasury firms are down bad, leading to concerns that an ETH sell-off could see the Ethereum price tank below $2,500

(SOURCE: TradingView)

ETH Outflows Highlight Heavy Sell Pressure as Open Interest

Market flows continue to reflect sustained selling pressure. ETH spot data shows negative outflows across all timeframes, from 24 hours to 1 year, signalling a consistent downtrend for Ethereum that has persisted throughout 2025.

These steady outflows align with ETH’s difficulty in holding onto any price rally. The 24-hour figure shows a $415M net outflow as ETH trades at around $2,700. Consequently, traders continue to interpret the trend as a sign of fading demand for the second-largest cryptocurrency.

Derivatives data from CoinGlass also looks rough, showing that OI (Open Interest) has dropped from around $45Bn one month ago to $35.5Bn as of November 21. The drop provides further evidence of diminishing speculative activity and liquidity drying up on ETH.

We saw $1B+ of Open Interest removed from both $BTC & $ETH on this move down the past 5 minutes.

This is the first time we actually see some acceleration and big liquidations in a single candle, instead of the orderly slow grind lower. pic.twitter.com/P6tKBzsQLl

— FUTURE GEM (@correctgem) November 21, 2025

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Ethereum DAT Firms are Underwater – House of Cards to Topple?

The sharp pullback in ETH has made the average Ethereum treasury company unprofitable, resulting in millions of dollars in paper losses. Data from BlockWorks Research shows that these companies have experienced negative returns of 25% to 48% on their ETH holdings.

The top 10 DAT companies are in the red across weekly and daily time frames. BitMine Immersion Technologies, which holds 3.56 million ETH (2.94% of the circulating supply), has seen returns of -28% and -45% over the past 7 days and 30 days, respectively.

BitMine is currently down $1,000 per ETH purchased, implying a total unrealized loss of $3.7Bn on its holdings. SharpLink, The Ether Machine, and Galaxy Digital also face losses of millions, down 50% to 80% from their annual highs.

Ethereum treasury firms are down bad, leading to concerns that an ETH sell-off could see the Ethereum price tank below $2,500

(SOURCE: BlockWorks)

BlockWorks data also indicates that the market-to-net asset value (mNAV), a metric used to gauge the valuation of digital asset treasuries, has fallen below 1 for most of these companies, signaling impaired capital-raising capacity.

GameSquare (GAME) and Bit Digital (BTBT) are the only two Ethereum DAT firms that still hold an mNAV at 1 or above, sitting at 1 and 1.5, respectively.

There is growing concern that the Ethereum price could be further decimated if the DAT firms are forced to liquidate their ETH holdings in an attempt to protect shareholders.