Ethereum Price Prediction is back in focus as the world’s second-largest cryptocurrency steadies above a crucial support zone near $3,300 after a sharp 12% pullback over the past week.
ETH briefly dipped to $3,000 on November 4 before rebounding to around $3,400 at the time of writing, suggesting renewed buying interest at lower levels.
The weekly chart indicates that Ethereum faces resistance from its August highs near $4,960 while currently holding around the key 0.618 Fibonacci level at $3,200, a zone that could determine the next major move.
Analysts have revealed that a reclaim of $3,600 would put ETH back in bullish territory, where it can attempt a new high towards $5,000.
On-chain data now shows massive accumulation by whales.
Since October 5th, Ethereum treasury company Bitmine Immersion Technologies has accumulated over 744,600 ETH (worth approximately $2.53 billion).
On the technical front, the Ethereum (ETH/USD) daily chart shows the asset attempting to recover after a notable decline, currently trading near $3,399.
The Fibonacci retracement levels highlight key resistance zones at $3,783 (0.382), $4,231 (0.618), and $4,549 (0.786), indicating possible upside targets if momentum strengthens.
The cluster of exponential moving averages (EMAs) between $3,833 and $4,011 suggests a heavy resistance area; a move above this range could confirm a bullish reversal.
Momentum indicators reveal a potential bullish divergence, as the momentum oscillator forms higher lows while price action trends downward, signaling weakening selling pressure.
This divergence, coupled with the projected pattern, suggests a likely short-term rebound toward the $3,780–$4,000 region.
Ethereum appears to be bottoming out with signs of recovery emerging.
A break above $3,800 could confirm a bullish continuation toward $4,200, while failure to hold above $3,300 risks retesting lower supports around $3,050.