Ether experienced a decline before rebounding late as trading activity increased and the price range narrowed, focusing attention on nearby support and resistance levels.
Context
Stocks dipped, with the S&P 500 closing down 0.99% at 6,822.34 and the Nasdaq Composite decreasing 1.57% to 23,581.14. The VIX rose to 17.22, an increase of 1.77% for the day.
The macroeconomic sentiment remained cautious after Federal Reserve Chair Jerome Powell stated during his FOMC press conference on Oct. 29 that a rate cut in December was not guaranteed.
The U.S. Dollar Index (DXY) increased to 99.52 on Oct. 30 from 98.57 on Oct. 28, while U.S.-China trade discussions continued without an agreement despite optimistic remarks from President Donald Trump about engaging with Chinese President Xi Jinping.
Ethereum core developers have scheduled the Fusaka upgrade for Dec. 3, following the network’s biweekly coordination call on Oct. 30.
Technical analysis highlights
The following is based on CoinDesk Research’s technical analysis data model.
- Move vs market: Ether’s decline from the $3,921 mark mirrored a broader downturn in the crypto market, with institutional flows turning negative at resistance levels.
- Path and range: The trading session exhibited a bearish structure, dropping from $3,921.43 to $3,731.00, creating a range of $230.31 (approximately 5.9%).
- Breakdown locus: The significant downward movement occurred when $3,880 was breached, alongside a peak trading volume of 443,415, about 103% above the 24-hour average.
- Late bounce: From $3,731, ether rose 1.35% to $3,771.82 and surpassed $3,760, which had previously capped earlier recoveries.
- Participation: Session volume was 32% higher than the seven-day average.
What the patterns suggest
- Breakdown, then test: The drop below $3,880 confirms seller activity at that resistance; recovering $3,760 is the first indication of buyer pushback.
- Range behavior: With lower highs above and a higher low off $3,731, the model indicates a range-bound trading environment between $3,730 and $3,880 in the near term.
- Tone of the bounce: The recovery was observed on moderate trading flows, indicating measured buying rather than a short squeeze.
Support and resistance map
- Primary resistance: $3,840 to $3,880 (following the breakdown).
- Secondary resistance: $3,760, now reclaimed and a close proximity checkpoint.
- Critical support: $3,731 (session low).
- Major support confluence: $3,700 to $3,720.
Volume picture
- Overall: +32% compared to the seven-day average.
- Peak: 443,415 during the $3,880 breakdown (about 103% over the 24-hour average).
- On the rebound: Moderate flows suggest measured demand, not widespread capitulation or a squeeze.
Targets and risk framing
- If buyers press: A move above $3,840 opens pathways to $3,880 and subsequently $3,920.
- If sellers regain control: A failure at $3,760 exposes $3,700, with $3,650 as the next risk area.
- Tactical takeaway: Given elevated participation and a defined range between $3,730 and $3,880, many traders are awaiting a clear break or decisive reclaim before taking a stronger position.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
