Ethereum is showing resilience despite market pressure, with on-chain data and technical indicators pointing to the early stages of a potential recovery phase. Analysts are divided on timing, but several signs suggest Ethereum’s ecosystem is stabilizing for a possible upside reversal in November.
Key Support Holds as Accumulation Builds
According to analyst Michaël van de Poppe, Ethereum (ETH) continues to defend a major horizontal support area, trading above its 20-week moving average (MA). "I would suggest that this is going to hold and that we’ll start to dive into green weeks going into November," he noted.
Two interesting factors here. $ETH is holding up onto a strong significant support level based on horizontal price levels.
It's also holding up above the 20-Week MA.
I would suggest that this is going to hold and that we'll start to dive into green weeks going into November. pic.twitter.com/ia5wOXcmGj
— Michaël van de Poppe (@CryptoMichNL) October 30, 2025
Supporting that outlook, data from Bitcoinsensus shows that the buy/sell pressure delta on ETH has flipped into red territory, an early sign of accumulation. Historically, such conditions have preceded strong recoveries, even if short-term price action remains choppy.
Treasury Firms Add Pressure
Not all indicators are aligned, however. Analyst Ted Pillows highlighted renewed weakness in Ethereum-linked treasury companies, noting that some have started offloading holdings, a move he called “a massive red signal.” He maintains that a sustained recovery in treasury-backed entities will be key for ETH to regain bullish momentum.
On-Chain Strength Hits All-Time High
Despite macro headwinds, Ethereum’s fundamentals remain strong. CryptoQuant reported that Ethereum’s daily active addresses within its broader ecosystem have reached an all-time high, surpassing 1.8 million. This surge reflects record levels of DeFi, NFT, and Layer 2 activity, strengthening Ethereum’s role as the dominant smart contract platform.
Historic All-Time High: Ethereum’s Altcoin Activity Reaches Unprecedented Levels!
“This record-breaking on-chain activity provides a rock-solid fundamental foundation for the Ethereum ecosystem.” – By @CryptoOnchain pic.twitter.com/CjgzMuZPyi
— CryptoQuant.com (@cryptoquant_com) October 30, 2025
Wave Structure Points to $6K Target
From a technical perspective, analysts at Bitcoinsensus argue that Ethereum is in Wave 5 of its Elliott Wave pattern, suggesting that the broader bullish structure remains intact. The chart projects a potential target above $6,000, assuming the asset holds above the $3,700–$3,900 support band.
Outlook: Green Weeks Ahead
Ethereum’s market appears to be at a critical crossroads; fundamentals are improving even as institutional and treasury sentiment lags. If the 20-week MA holds and accumulation deepens, the coming weeks could mark the start of a new upward phase for ETH.
For now, all eyes are on the $3,700–$3,800 zone, where technical, on-chain, and psychological factors converge, making it Ethereum’s most important support heading into November.