Finance

Ethereum’s Descent: Can ETH Bulls Reclaim $3,480 Amidst Bearish Signals?

Ethereum‘s price is declining, trading below $3,400 with key indicators signaling further downside risk.

byAndres Castro

November 7, 2025, 8:22 AM

Gold Ethereum coin centered over a screen displaying a green and red candlestick trading chart.

A physical gold Ethereum token is set against a background of a volatile business trading chart. By MDL.

Executive Summary

Ethereum has initiated a new downtrend from $3,480, trading below $3,400 and its 100-hourly Simple Moving Average, indicating strong bearish sentiment.

ETH faces significant resistance near $3,380, and a clear breakthrough above $3,480 is necessary to reverse the current bearish trend.

If Ethereum fails to overcome resistance, it could decline further, with initial support at $3,250 and a major support zone around $3,220, potentially leading to drops towards the $3,000 region.

The Story So Far

Ethereum’s current downtrend is largely attributed to its inability to sustain positive momentum, mirroring Bitcoin’s recent price movements, while strong selling pressure at key technical resistance levels prevents recovery and technical indicators such as the MACD and RSI reinforce a prevailing bearish sentiment.

Why This Matters

Ethereum’s current downtrend, reinforced by bearish technical indicators and a failure to overcome key resistance levels, signals a challenging period for investors. A sustained inability to break above $3,380 and $3,480 could lead to further price declines, potentially pushing ETH below the critical $3,250 and $3,220 support levels, risking deeper losses towards the $3,000 range. This bearish sentiment suggests a lack of immediate buyer confidence and continued selling pressure in the market.

Who Thinks What?

Technical indicators and recent price action suggest Ethereum is under significant bearish pressure, having initiated a new downtrend from $3,480 and risking further declines below the $3,250 support level, with bears successfully defending key resistance.

Conversely, for a bullish reversal, Ethereum needs to achieve a clear breakthrough above the $3,480 resistance mark, which could propel it towards the $3,580 level and potentially higher.

Ethereum (ETH) has initiated a new downtrend from the $3,480 mark, struggling to maintain a positive trajectory and now faces the risk of further declines below the $3,250 support level. The cryptocurrency’s price has fallen below $3,400 and is currently trading beneath its 100-hourly Simple Moving Average, indicating a strong bearish sentiment in the market.

Recent Price Action

The latest downturn saw Ethereum fail to sustain a positive zone, mirroring Bitcoin’s recent price movements, and subsequently declined below the $3,420 and $3,400 thresholds. Bears appear to have successfully defended the 50% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low, preventing a meaningful recovery.

A new bearish trend line has also emerged on the hourly ETH/USD chart, establishing resistance near $3,380. Should another recovery attempt materialize, ETH could encounter immediate resistance around the $3,350 level, followed by the more significant $3,380 trend line.

Key Resistance and Support Levels

For Ethereum to reverse its current bearish trend, it would need a clear breakthrough above the $3,480 resistance mark, which could potentially propel it towards the $3,580 level, coinciding with the 61.8% Fib retracement. Sustained upward momentum past $3,580 might lead to further gains, targeting the $3,650 or even $3,675 zones in the near term.

Conversely, if ETH fails to overcome the $3,380 resistance, it is poised for further declines. Initial support is anticipated near $3,250, with a major support zone identified around $3,220. A definitive move below $3,220 could push the price towards $3,150, and potentially test the $3,050, $3,020, and $3,000 regions.

Technical Indicators

Technical indicators are reinforcing the bearish outlook. The Hourly Moving Average Convergence Divergence (MACD) for ETH/USD is showing increasing momentum within the bearish zone. Similarly, the Hourly Relative Strength Index (RSI) for ETH/USD has dropped below the 50 mark, signaling prevailing selling pressure.

Outlook

Ethereum remains under significant bearish pressure, with key technical indicators pointing towards further downside risk if it fails to clear critical resistance levels. Traders will be watching the $3,380 and $3,250 levels closely for signs of either a potential recovery or a deeper decline.