Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Ethereum (ETH) has commenced a recovery, trading above $3,400 on November 10, 2025, after experiencing a 12% decline over the past week. Analysts are now closely monitoring key resistance levels, with some eyeing a potential target of $4,400 for the cryptocurrency, despite a recent slowdown in network activity and a significant drop in its total value locked.
Price Recovery and Market Overview
The second-largest cryptocurrency by market capitalization is currently valued at $3,419.46, with 24-hour trading volume reaching $30.65 billion. Ethereum’s market dominance holds at 12% of the total cryptocurrency market. The asset briefly dipped below the $3,400 mark during its recent decline, finding strong liquidity support between $3,200 and $3,350.
Network Activity and Sentiment
Despite the price recovery, Ethereum’s ecosystem has shown signs of a slowdown in recent weeks. The total value locked (TVL) in the network has decreased by 24% over the last 30 days, falling to approximately $74.2 billion. This trend is further reflected in a decline of DApp activity, which dropped to $80.7 million in October.
A recent attack on Balancer v2, resulting in $120 million in losses, contributed to the overall decline in TVL and tempered network performance. Trading metrics also suggest cautious market sentiment, with volume decreasing 391.6% to $57.71 billion and open interest falling 0.09% to $39.16 billion. The low OI-weighted funding rate of 0.0073% indicates minimal bullish leverage in the derivatives market.
Conversely, corporate treasury holdings of Ethereum continue to grow, suggesting sustained institutional appetite despite short-term price pressures. This contrasts with what the article describes as “weak ETF flows,” indicating a bifurcated institutional interest in direct holdings versus exchange-traded products.
Technical Analysis Points to Upside
From a technical perspective, Ethereum successfully held above the $3,200 support level, initiating its recovery wave by climbing past the $3,350 and $3,400 resistance levels. An hourly chart showed a bearish trend line with resistance at $3,350 was broken, pushing the price above the 50% Fibonacci retracement level of a previous downward move from $3,920 to $3,058.
The cryptocurrency temporarily surpassed $3,620 and is now trading above the 100-hour Simple Moving Average. Analyst Donald Dean observed increasing lows since November 4, indicating potential accumulation at current price levels. Initial support on the downside is near $3,580, with major support at $3,500, followed by $3,450 and $3,350.
The next significant resistance level for Ethereum is around $3,650, with a move beyond this potentially leading to tests of the $3,720 resistance zone. This $3,720 level aligns with the 76.4% Fibonacci retracement of the recent downward move. A clear break above $3,750 could propel the price towards $3,820, with longer-term targets identified at $4,400 and $4,955. The hourly MACD is showing bullish momentum, and the RSI is trading above 50.
Upcoming Fusaka Upgrade
Looking ahead, the upcoming Fusaka Upgrade, scheduled for early December, is anticipated to act as a positive catalyst. This upgrade is expected to enhance both the scalability and security of the Ethereum network, potentially providing further momentum for its price trajectory.
Key Takeaways
Ethereum is navigating a period of price recovery following a recent downturn, with technical indicators suggesting upward potential toward $4,400. While network activity has cooled and a significant security incident occurred, institutional interest remains, and a forthcoming network upgrade could provide further positive impetus.
