Ethereum: Daily Read | 2026-11-05

Ethereum is under clear pressure at $2,247, having finished the last session 6.9 percent lower, and the balance of risk remains tilted downward because price is down near the floor of its one-month range rather than stabilising in the middle of it. The immediate issue is not simply the size of the decline, but the lack of evidence that demand has regained control. Until ETH repairs the damage above nearby resistance, rebounds are more likely to meet supply than develop into a durable recovery.

The broader crypto backdrop is also working against ETH because the risk-off regime, mixed PMIs and a firmer dollar are capping risk appetite, with German factory orders up 4.4% after a 10.1% drop, EA construction PMI at 42.5 and DXY up 0.1% to 101.61. Within Ethereum itself, momentum is roughly 5.4 percent down over the last two weeks, while the one month average at $2,380 remains overhead. Price is below it, and the structure reads as a downtrend, price under both its one-month and longer averages, which means rallies still need to prove they can absorb persistent supply before the tone can improve.

The first tactical battleground is the $2,250 round number handle because the last price sits almost directly beneath it, making acceptance back above that area an early test of whether the latest decline is losing force. The $2,200 handle matters next because it stands just above a shelf of support at $2,182, about 2.9 percent below. That shelf is the more important defence, since holding it would preserve scope for consolidation and a recovery attempt, while losing it would confirm that the one-month floor has failed. Overhead, the month swing high at $2,698, about 20.1 percent above the current price, is decisive resistance because clearing it would break the sequence of weakness rather than merely produce another short-lived bounce.

The bull path is straightforward: if ETH defends $2,200 and $2,182, then recovers $2,250 and establishes acceptance above the one month average at $2,380, the market can begin rebuilding toward $2,698 because each step would show that demand is absorbing supply at progressively higher prices. A decisive move above $2,698 opens the path toward $2,805, which is the upper boundary of the three month range $1,829 to $2,805. The bear path is equally clear: if $2,250 continues to cap rebounds and $2,200 gives way, then pressure shifts immediately to $2,182. Losing $2,182 exposes $1,829 because there is then no cited support remaining inside that wider range.

The main risk to the bearish read is a rapid recovery through $2,380 followed by a decisive move above $2,698, which would invalidate the current downtrend structure and redirect attention to $2,805. Conversely, repeated failure beneath $2,250 followed by acceptance below $2,182 would strengthen the bearish case and make $1,829 the relevant downside reference. Net, ETH remains vulnerable at $2,247 because the 6.9 percent lower session, weak two-week momentum and position near the one-month floor leave sellers in control unless support holds and resistance is reclaimed in sequence.

Key levels: support $2,182 (2.9% below), resistance $2,698 (20.1% above), one-month average $2,380, three-month range $1,829 to $2,805.