Ethereum is trading near $2,245 on November 7 after another rejection at the $2,700 resistance. The pullback came during a broader crypto market drop that saw Bitcoin fall from $81,000 to $75,000 and ETH slide from $2,400 to $2,200 over 24 hours. Despite the red wave, several analysts view the decline as a potential market bottom and an accumulation opportunity.
ETH historical pattern repeating is now at the center of a bullish outlook. One popular crypto analyst shared a chart showing Ethereum may be tracing a familiar structure: a sharp dip followed by a massive bullish surge. According to the analyst, if the pattern plays out as it has before, ETH could target $3,000 next, and some observers argue ETH is currently moving stronger than Bitcoin, which could set the stage for a long-awaited altseason.
Longer-term expectations remain even more ambitious. Ethereum's 2025 high sits near $4,950, while the previous cycle pushed to about $4,900, just short of the $5,000 psychological level. Analysts now believe ETH has potential to break $5,000 and enter price discovery for new all-time highs.
Technical indicators are mixed. The weekly Relative Strength Index reads 47.71, below the neutral 50 mark, while the MACD stays positive but its histogram is shrinking, indicating slowing buying momentum. Key support levels sit near $2,200, followed by $2,000, $1,800, and $1,500. Resistance lies between $2,500 and $2,700, with higher targets at $3,000 and $3,500.
Fund flows tell a more cautious short-term story. Spot Ethereum ETFs recorded roughly $99.9 million in outflows on November 5 and another $93.3 million on November 6, totaling about $193.2 million over two days. BlackRock's ETHA accounted for $90.8 million of the November 6 outflow.
The Ethereum Foundation postponed the October 26 Hoodi testnet activation for the Glamsterdam upgrade, citing technical compatibility issues. A revised schedule has not been confirmed. CoinShares published a valuation framework with a 2031 bearish case of $1,443, a base case of $4,935, and a bullish case of $14,135, tied to institutional investment, staking demand, and blockchain-based financial services adoption. Analyst Joep Gerla noted that ETH has ranged for almost five years, and every previous range ended in large gains, with this being the longest ever.
