Ethereum (ETH) has experienced a significant price decline over the past week, falling below critical support levels and approaching areas that traders often monitor for potential short-term reversals. The asset is currently trading near the $3,500 mark, accompanied by decreased momentum and an increase in trading volume. Market analysts are divided on whether this downturn presents a favorable buying opportunity or suggests further downward movement.
Price Weakens as Momentum Fades
Ethereum has seen a 15% decrease in value over the last seven days, including a notable 6% drop in the past 24 hours. The current trading range for the past day is between $3,470 and $3,740, with the 7-day high recorded at $4,150. This positions ETH approximately 30% below its August peak of around $4,950.
Technical indicators suggest a potential oversold condition. The Stochastic Oscillator shows both of its lines below the 20-level, a zone frequently interpreted by traders as indicating oversold conditions, which has historically preceded short-term recoveries. The Relative Strength Index (RSI) also reflects this sentiment, currently standing at 33.78, just above the oversold threshold of 30. Crypto analyst Mister Crypto stated,
“$ETH is clearly oversold here. We usually bounce from this level. This time won’t be different.”
Furthermore, Ethereum has fallen below both the 10-day Exponential Moving Average (EMA), which is at $3,871, and the 10-day Moving Average (MA), at $3,936. This placement below both short-term trend indicators confirms a weakening price structure.
Analyst Lennaert Snyder observed, “$ETH rejected $3,900 resistance and dumped further.” He added that a break below $3,360 could signal a reversal zone favorable for long trades.
Some market observers view the current support levels as attractive entry points. Crypto Patel described the recent price action as a final opportunity, asserting,
“This is your LAST CHANCE to load up before the real run.”
This analyst has projected long-term price targets ranging from $10,000 to $15,000, although the current price is significantly below these projections.
ETH/BTC Enters a Support Range
On the ETH/BTC trading pair, Ethereum is currently priced at 0.0339 BTC. Michaël van de Poppe identified the zone between 0.0325 and 0.035 BTC as an area where buyers have historically intervened. He commented that ETH is “moving in the ideal area for buying opportunities.”
$ETH is currently moving in the ideal area for buying opportunities on the $BTC pair. pic.twitter.com/djvNEFAH6k
— Michaël van de Poppe (@CryptoMichNL) November 4, 2025
This particular level had previously acted as resistance earlier in the year and is now being retested. The price remains above the 10-week moving average, which provides support for the current market structure.
In a separate analysis, analyst Ali Martinez suggested that a bullish scenario for ETH would necessitate remaining above $3,800, successfully breaking through resistance at $4,900, and subsequently advancing towards $8,000. Potential consolidation points along this upward trajectory include $5,600, $6,400, and $7,200. However, this optimistic outlook is contingent on a significant price recovery and is not yet confirmed.