Ethereum Plummets 7% To $3,400—The Last Support Before A Drop To $2,850

Author: Parshwa Turakhiya | November 04, 2025 12:25pm

Ethereum (CRYPTO: ETH) has plunged 7% to $3,400 on Tuesday, hitting the last support before a potential drop toward the $2,850 accumulation zone.

Price Loses Long-Term Structure

ETH Price Analysis (Source: TradingView)

The breakdown pushed Ethereum below its 20, 50, and 100-day exponential moving averages, confirming renewed selling pressure.

The token now sits inside the $3,600 to $3,450 demand zone that has supported rebounds since May.

This zone is the final major support before the broader accumulation range near $2,850.

Losing this range could trigger a deeper correction in the short term.

This area also aligns with the July demand block that sparked the previous breakout.

To restore bullish momentum, ETH must reclaim the EMA cluster near $3,900 to $4,050.

Until then, sellers keep control, and the risk of a deeper correction remains elevated.

Broader market pressure is adding to the slide, with Bitcoin (CRYPTO: BTC) trading near $101,000 and XRP (CRYPTO: XRP) trading around $2.20 oday, signaling risk-off sentiment across majors.

Exchange Flows Show Heavy Selling

ETH Netflows (Source: Coinglass)

According to Coinglass, spot data shows one of the largest single-day outflows in weeks, with $222 million leaving exchanges.

Red netflow bars throughout October and early November show consistent exchange outflows from holders.

Such patterns often mark distribution phases, signaling that long-term holders are realizing profits.

This selling trend aligns with the technical weakness now visible on the daily chart.

Derivatives Data Confirms Position Unwinding

ETH Derivative Analysis (Source: Coinglass)

Open interest fell almost 6% in the past 24 hours while volume increased, suggesting position closures.

Roughly $150 million in long liquidations occurred across 12 hours, showing forced exits rather than new buying.

The long-to-short ratio remains slightly positive, but open interest data signals declining bullish conviction.

Volatility is rising as leveraged positions unwind and traders test lower price supports.

Read Next:

• What’s Going On With Tesla Stock Today?

Image: Shutterstock

Posted In: $BTC $ETH $XRP