Ethereum (ETH) has experienced significant downward pressure this week, falling below the $3,200 mark during a broad market sell-off. The asset's value has decreased by over 6% in the last 24 hours and more than 17% over the past seven days, according to data from CoinGecko. This recent decline brings ETH back to critical technical levels following a period of strong performance earlier in the year.
ETH/BTC Drops into Accumulation Zone
The ETH/BTC trading pair has returned to a historical buying area. Analyst Michaël van de Poppe observed that while the price pullback was deeper than anticipated, it remains within a zone where previous accumulation occurred. He stated:
“A little deeper than expected on ETH, but this is still the level that I think is wise to look for potential accumulations.”
Currently, ETH/BTC is trading near 0.0326 BTC. This level previously acted as resistance in early 2025 and is now expected to serve as support, aligning with past periods of consolidation.
Technical indicators are presenting a mixed outlook. The weekly Relative Strength Index (RSI) remains above oversold territory, while the daily Stochastic RSI is deeply in the oversold range, suggesting that the recent selling pressure might be abating. The Moving Average Convergence Divergence (MACD) is still negative, but its histogram is displaying smaller red bars, potentially indicating a weakening downward trend.
Long-Term Support Still Holds
Analyst Kamran Asghar noted that ETH is currently testing an ascending trendline that has provided support since 2022. This level has seen multiple bounces for the asset over the past two years, and the trend remains intact.
$ETH is making a critical retest of the multi-year ascending support trendline. pic.twitter.com/9v2k2vT55U
— 𝐊𝐚𝐦𝐫𝐚𝐧 𝐀𝐬𝐠𝐡𝐚𝐫 (@Karman_1s) November 5, 2025
In a separate analysis, Ali Martinez presented a potential scenario where ETH could experience a phased increase. This would involve holding above $3,800, followed by reclaiming $4,900, and ultimately targeting $8,000. His chart indicated potential consolidation points around $5,600, $6,400, and $7,200.
Downside Still in Play
Martinez also outlined a more bearish outlook. If ETH fails to regain the $4,000 level in the near future, the price could potentially fall to $2,400 or even $1,700.
Trader Ted, in a recent post, mentioned that ETH came close to the $3,000 mark before experiencing a bounce. He emphasized:
“The crucial level to reclaim for Ethereum is $3,500–$3,600.”
A rejection at this price range could lead to another downward movement towards $2,800. At present, Ethereum is situated at a significant juncture, with both buyers and sellers closely observing whether this support level will hold or if the downtrend will persist.