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 sell-off. The asset is down over 6% in the last 24 hours and more than 17% in the past seven days, based on data from CoinGecko.

After a strong run earlier this year, the latest move brings ETH back to key technical levels.

ETH/BTC Drops into Accumulation Zone

The ETH/BTC chart shows the pair returning to an area marked by past buying. Analyst 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 before. He 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 consolidation. This level acted as resistance earlier in 2025 and could now serve as support.

Meanwhile, technical indicators show mixed signals. Weekly RSI is still above oversold territory. On the daily chart, the Stochastic RSI is deep in the oversold range. That suggests the recent selling may be slowing. The MACD is still negative, but the histogram is showing smaller red bars, which may point to weakening downside pressure.

Long-Term Support Still Holds

Analyst Kamran Asghar shared that ETH is now testing a trendline that has held since 2022. The asset has bounced from this level multiple times over the last two years. So far, the trend remains intact.

$ETH is making a critical retest of the multi-year ascending support trendline. pic.twitter.com/9v2k2vT55U

— 𝐊𝐚𝐦𝐫𝐚𝐧 𝐀𝐬𝐠𝐡𝐚𝐫 (@Karman_1s) November 5, 2025

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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 view. If 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 bouncing. He 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 follow. At this point, Ethereum is sitting at an important zone. Buyers and sellers are watching closely to see if this level holds—or if the downtrend continues.