Ethereum Updates Today: Key Support Zones for Ethereum: The Battleground Between Bulls and Bears

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Ethereum Updates Today: Key Support Zones for Ethereum: The Battleground Between Bulls and Bears

Bitget-RWA2025/11/07 03:30

By:Bitget-RWA

- Ethereum drops 3.43% to $3,325.72, its largest decline since Nov. 4, now 32.88% below its all-time high. - Key support at $3,550 under pressure as technical indicators show bearish momentum with RSI below 50 and MACD negative. - Analysts warn a breakdown below $3,550 could trigger further declines to $3,300, while a rebound above $3,650 might signal short-term stability. - Market sentiment remains divided, with some viewing the correction as healthy but macro risks like Fed policy and Bitcoin weakness pe

Ethereum's value remains under pressure as bearish

momentum

grows stronger. The cryptocurrency has dropped 3.43% to $3,325.72 as of November 6, representing its steepest single-day loss since November 4, when it plunged 10.73% to $3,212.46,

according to a Morningstar report

. The recent downturn has left

Ethereum

trading 32.88% beneath its record intraday peak of $4,955.23 set on August 24, despite having rallied 134.02% from its 52-week low of $1,387.85 in April,

as noted in a separate Morningstar report

. Over the last five sessions, ETH has posted losses in four, bringing its year-to-date performance to -0.57%.

Technical experts point to major support zones as the main area of contention. The $3,550 level, which has historically sparked recoveries, is now being tested after Ethereum slipped below $3,800 and its 100-hour simple moving average (SMA),

according to Holder.io

. Should the price fall through $3,550, further declines toward $3,500 and possibly $3,420 may follow,

The Currency Analytics reports

. On the other hand, a bounce back above $3,650 or $3,740 could indicate short-term stabilization, but a sustained rally above $3,800 would be necessary to challenge the $3,880 resistance, where previous upward moves have stalled.

Ethereum Updates Today: Key Support Zones for Ethereum: The Battleground Between Bulls and Bears image 0

Technical signals continue to support the bearish outlook. The MACD for ETH/USD remains negative, and the RSI has slipped below 50, indicating persistent selling activity,

according to Bitget

. Traders are keeping a close eye on the $3,550 support; a firm daily close beneath this point could deepen the correction toward $3,350 or even $3,300. At the same time, the wider crypto market is still influenced by Bitcoin's performance, which has also struggled to stay above $110,000, further fueling risk aversion.

Opinions among investors are divided regarding the long-term direction. While short-term pessimism prevails, some analysts believe the current pullback is a healthy pause after recent gains, with Ethereum's core strengths in DeFi and Layer 2 solutions remaining solid, The Currency Analytics observes. Nonetheless, ongoing macroeconomic challenges, such as U.S. Federal Reserve decisions and budget talks, continue to dampen risk appetite.

For now, traders should monitor crucial levels: immediate resistance at $3,650 and $3,740, and key support at $3,550 and $3,500. A decisive move above $3,920 could restore bullish sentiment, but until then, caution is advised amid ongoing market volatility.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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