$ETH ETH recently broke below the $3,590 support, with strong selling volume confirming a new lower trading range around $3,565–$3,589. 
• The next critical support lies in the $3,510–$3,530 area, which traders are now eyeing. 
• On the upside, resistance is quite stiff. If bulls want to drive a meaningful rally, reclaiming levels above $4,400–$5,500 would be a major technical win. 
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2. Macro & On-Chain Drivers
• Institutions are still accumulating: Some large ETH holders (“whales”) continue buying, signaling longer-term conviction. 
• But there’s a mix of sentiment — long-term ETH holders are unloading, with data showing ~45,000 ETH per day moving out of old “hodl” addresses. 
• From a technical-cycle standpoint, ETH might be in a Wave 2 correction, which inherently brings volatility, but could set up for a stronger move later if support holds. 
Long-Term Views & Risk
• Bull case: Some analysts target $4,300+, backed by institutional ETF demand, on-chain growth, and ETH’s core use in DeFi. 
• Bear case: If the lower support breaks (especially with leveraged positions), ETH could drop sharply — the risk of a ~$2,500 retest is non-negligible. 
• Crypto cycles: Historical data suggests November could be favorable for ETH, but macro conditions and liquidity will be key. 
