Ether has retested the $3,000 level as its Mayer Multiple dropped below 1, placing the cryptocurrency in a historical buy zone. However, liquidity clusters suggest that short-term volatility could increase before the market stabilizes.
Ether slips 20% in November
Ether has fallen nearly 20% this month, dropping from $3,900 to retest $3,000 on Nov. 17 — a price last seen in mid-July. The decline has pushed ETH into a clear daily downtrend, defined by lower highs and lower lows. While long-term accumulation signals are forming, the market remains technically fragile in the short term.
Mayer Multiple signals a potential accumulation zone
One of the strongest long-term signals comes from Capriole Investments’ Mayer Multiple (MM) — a metric comparing ETH’s current price with its 200-day moving average. A reading below 1 indicates ETH is trading below its long-term trend, a level historically linked to major accumulation phases.
ETH’s MM has now fallen below 1 for the first time since June, placing Ether back into the “buy zone.” In past cycles, sub-1 readings have often aligned with long-term bottoms and multi-month recoveries. The major exception was early 2022, when broader market weakness kept the metric depressed.
Current MM conditions resemble early-cycle reset levels rather than the structural breakdowns seen in 2022. This suggests the market is closer to a traditional buy opportunity than a distribution zone, which typically appears when the MM rises above 2.4.
Liquidity clears out, but clusters still threaten volatility
Despite the favorable long-term setup, near-term volatility risks remain high. Data from Hyblock Capital shows that even after testing the $3,000 psychological level, ETH still sits above several dense long-liquidation zones.
Hyblock notes two major clusters below current prices: $2,904–$2,916 and $2,760–$2,772, implying that ETH may need a deeper liquidity flush before forming a reliable bottom.
Analytics platform Altcoin Vector added that Ether’s liquidity structure has “fully reset,” a condition seen ahead of previous major market bottoms. Liquidity collapses often precede multi-week consolidation periods rather than immediate breakdowns.
If liquidity returns over the next few weeks, ETH could resume an expansion phase. But if liquidity remains thin, the correction could last longer and leave Ether exposed to further downside.
