According to CoinDesk Research’s technical analysis data model, Ether The stock fell 1.5% during Tuesday trading as bears overwhelmed early bulls near critical resistance.
ETH plummeted from $3,629 to $3,576 within the $136 trading range as sales volume surged 138% above normal levels. This breakdown confirms that the bears are in control of the near-term direction after weeks of consolidation.
The selling accelerated after ETH rejected the $3,646 resistance in early morning trading. The exceptional volume of 338,852 contracts led to a decisive break below the $3,590 support. This key level has provided reliable demand during recent volatility. ETH reached an intraday low of $3,532 before stabilizing around current levels.
Despite multiple recovery attempts, the price trend is currently pointing to lower highs. The bearish structure emerged after a failed breakout attempt above $3,646. Trading volume normalized in the last few hours, suggesting that the new $3,565-$3,589 trading range reflects pure institutional selling rather than a temporary liquidity gap.
Technical Breakdowns and Institutional Accumulation: What Traders Should Pay Attention to
Technical factors dominated Tuesday’s session as momentum indicators issued warning signals across multiple time frames. The $3,646 rejection triggered a cascading stop that overwhelmed recent institutional buying interest. Republic Technologies’ $100 million ETH allocation and BitMine’s 3.5 million token holdings provided insufficient support for technical failures.
The failure of the $3,590 support signals a significant change in market structure for ETH bulls. This level has served as a reliable demand zone during recent price movements. With momentum waning and volume patterns confirming the distribution, traders are now eyeing further downside tests before a sustainable recovery emerges.
Key technology levels call attention to ETH
Support/Resistance: The main support is located in the $3,510-$3,530 cluster, with the break above the $3,590 level currently acting as resistance.
Volume analysis: The number of sales was 338,852, 138% higher than the 24-hour average, confirming the participation of institutional investors.
Chart pattern: Low-high formation at $3,646 and subsequent support break establishes bearish continuation setup
Goals and risks/rewards: The immediate downside price objective is at the $3,510 support, with further decline likely towards the $3,480-$3,500 zone.
CoinDesk Index 5 (CD5) Market Analysis – November 10th 03:00 UTC to November 11th 02:00 UTC
CD5 inched up from $1,840 to $1,843 during a volatile 24-hour session characterized by extreme price movements and distribution patterns across the major crypto assets, with the index reaching a high of $1,869 before sellers emerged near resistance levels, pushing the price back towards the session average.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with standards. For more information, please see CoinDesk’s complete AI policy.