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 (ā +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.
šÆ My view (based on the above)
Given all this, hereās how Iād frame ETHās near-term outlook (not financial advice, just my take):
The fundamentals remain reasonably strong: DeFi adoption, institutional interest, whales accumulating. Thatās 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 āwait and see / consolidationā 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
ETH3,107.3-3.69%

