Support and resistance zones
On the daily chart $ETH has been struggling with the zone around US$3,500-3,700 (which earlier acted as support but now is a resistance/supply block). ITB Forex Broker+2CoinCodex+2
Analysts highlight a critical support level around US$3,100. A break below this is viewed as a signal of further downside risk. Binance
Another scenario: One article estimates ETH may reach US$3,814.97 by 18 November (≈ +10% from current ~US$3,543) if conditions improve. CoinCodex
Trend & market structure
$ETH is trading inside a descending channel (higher upper-bounds repeatedly rejected) which suggests consolidation and/or corrective phase rather than fresh breakout. CryptoPotato+1
Price has been hovering near the lower boundary of that channel and around major moving averages (200-day MA ~US$3,300 region). CryptoPotato+1
Potential scenarios to monitor
Bullish case: If $ETH breaks above the resistance zone (say above US$3,700-4,000) with volume support, then a move toward higher targets (US$4,400-4,700) becomes more plausible. Binance+1
Bearish case: Failure to hold support (especially below US$3,300-3,100) could open the way to deeper pull-back (US$2,500-2,600 mentioned by some). ITB Forex Broker+1
On-chain / supply indicators
Reduced supply on exchanges (whales withdrawing) tends to be bullish in context of demand. OneSafe
But at the same time, large fund outflows and broken support suggest caution.
🎯 My view (based on the above)
Given all this, here’s how I’d frame ETH’s near-term outlook (not financial advice, just my take):
The fundamentals remain reasonably strong: DeFi adoption, institutional interest, whales accumulating. That’s a positive backbone.
But the technical structure is weak for the moment: broken support, descending channel, key resistance ahead.
Therefore: I see ETH being in a ”wait and see / consolidation” mode for now. If it clears US$3,700-4,000 convincingly then upside opens. If it loses US$3,300-3,100 support then risk increases.
For someone with moderate risk tolerance: a logical approach might be to wait for a confirmed breakout or hold with clear stop-loss near critical support.#USGovShutdownEnd? #BinanceHODLerALLO #StrategyBTCPurchase #IPOWave #BinanceHODLerC
ETH3,314.07+0.70%
