Ethereum (ETH) price under pressure from macro headwinds despite ‘fuska’ upgrade news

Eter slid, then bounced late as activity picked up and the trading range tightened, leaving nearby checkpoints engaged.

Context
Stocks fell as the S&P 500 closed up 0.99% at 6,822.34 and the NASDAQ composite lost 1.57% to 23,581.14. The VIX rose to 17.22, up 1.77% on the day.

Macro Tone also remained cautious after Fed chair Jerome Powell said at his October 29 FOMC press conference that a December rate cut was not assured.

The US Dollar Index (DXY) rose to 99.52 on October 30 from 98.57 on October 28, as US-China talks remained without a trade deal despite sarcastic comments from President Donald Trump about meeting Chinese President Xi Jinping.

Ethereum core developers scheduled the Fusaka upgrade for December 3 following the network’s biweekly coordination call on October 30.

Technical Technical Assessments

The following is based on Coindesk Research’s technical analysis data model.

• Move VS Market: Ether’s retreat from the $3,921 area tracked a broader crypto slide, with institutional flows turning negative on resistance.
• Path and Scope: The session followed a bearish structure, falling from $ 3,921.43 to $ 3,731.00 for a range of $ 230.31 (about 5.9%).
• Breakdown locus: The decisive push lower came when $ 3,880 gave way, next to a peak of 443,415 prints, about 103% of the 24-hour standard.
• Late bounce: From $ 3,731, Ether climbed 1.35% to $ 3,771.82 and broke again above $ 3,760, which were previous attempts.
• Participation: Session volume ran 32% above the seven-day average.

What do the patterns suggest?

• Breakdown, then try: The loss of $3,880 proves that the sellers are active at that ceiling; Reclaiming $3,760 was the first sign buyers were pushed back.
• Behavior Range: With lower highs overhead and a higher low of $3,731, the models of the flags are bound between $3,730 to $3,880 near term.
• Bounce tone: The recovery came in moderate flow, looking like measured buying rather than a short squeeze.

Support and resistance map

• Main Resistance: $3,840 to $3,880 (post-breakdown band).
• Second Resistance: $ 3,760, reclaimed today and a nearby checkpoint.
• Critical Support: $3,731 (session low).
• Basic confluence support: $3,700 to $3,720.

Image volume

• General: +32% compared to the seven-day average.
• peaks: 443,415 on the $3,880 breakdown (about 103% on the 24-hour standard).
• On the rebound: Moderate flow indicates measured demand, not broad capitulation or a squeeze.

Targets and risk framing

• If buyers press: A move above $3,840 opens a run to $3,880, then $3,920.
• If sellers regain control: Failure at $3,760 leaves $3,700 exposed, with $3,650 as the next risk zone.
• Tactical takeaway: With participation elevated and the $3,730 to $3,880 band well defined, many traders are waiting for a clear break or a decisive retracement before leaning harder either way.

Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.