Ethereum (ETH) Pullback Deeper Than Expected: Bounce Setup or More Pain Ahead?

Ethereum (ETH) has come under pressure this week, dropping to under $3,200 during yesterday’s market-wide ￰0￱ asset is down over 6% in the last 24 hours and more than 17% in the past seven days, based on data from ￰1￱ a strong run earlier this year, the latest move brings ETH back to key technical ￰2￱ Drops into Accumulation Zone The ETH/BTC chart shows the pair returning to an area marked by past ￰3￱ Michaël van de Poppe pointed out that the price has pulled back more than expected, but still sits in a zone where accumulation has happened ￰4￱ said, “A little deeper than expected on ETH, but this is still the level that I think is wise to look for potential accumulations.” ETH/BTC is now trading near 0.0326 BTC, a zone that lines up with previous ￰5￱ level acted as resistance earlier in 2025 and could now serve as support.

meanwhile, technical indicators show mixed ￰6￱ RSI is still above oversold ￰7￱ the daily chart, the Stochastic RSI is deep in the oversold ￰8￱ suggests the recent selling may be ￰9￱ MACD is still negative, but the histogram is showing smaller red bars, which may point to weakening downside pressure.) November 5, 2025 Ali Martinez shared one scenario where ETH could push higher in steps—first holding above $3,800, then reclaiming $4,900, and eventually targeting $8,000. His chart shows potential pauses around $5,600, $6,400, and $7,200. But Downside Still in Play Martinez also shared a less optimistic ￰10￱ ETH cannot get back above $4,000 soon, the price could slide to $2,400 or even $1,700.

In a separate post, trader Ted said ETH came close to $3,000 before ￰11￱ added: “The crucial level to reclaim for Ethereum is $3,500–$3,600.” If the price gets rejected at that range, another move toward $2,800 may ￰12￱ this point, Ethereum is sitting at an important ￰13￱ and sellers are watching closely to see if this level holds—or if the downtrend continues.