Ethereum (ETH) is staging a modest rebound in the $2,260 range, but key technical indicators still point to a downtrend. Having fallen more than 16% over the past 30 days, Ethereum's Relative Strength Index (RSI) has exited oversold territory, easing short-term selling pressure somewhat. However, the price remains below the 7-day, 25-day, and 99-day moving averages, leaving the prospect of a full trend reversal uncertain.

November 1 Price... $2,267.60 Recorded, Intraday Range of $2,254–$2,276

On November 1, Ethereum recorded $2,267.60, up 0.53% from the previous day's close. The price moved between $2,254.60 and $2,276.31 during the day.

Despite the short-term rebound, recent price action remains weak. Ethereum has fallen 2.96% over the past five days and 3.87% over the past seven days. The 30-day decline reached 16.21%, and the one-year decline stood at 41.07%. In contrast, it rose 20.28% over the past 90 days, showing significant divergence across time periods.

RSI Exits Oversold Territory... Rises from 25.02 to 30.74

The most notable change among technical indicators is the recovery of the RSI. The 6-period RSI rose from a previous 25.02 to 30.74. An RSI below 30 is generally classified as oversold, and Ethereum has slightly crossed above that threshold. This signals that recent strong selling pressure has partially eased. However, with the RSI remaining just above 30, it is difficult to conclude that upward momentum has strengthened sufficiently.

Price Below Moving Averages... Short-Term Key Is Recovery of $2,293

The downtrend is clearly visible in the moving averages. Ethereum's 7-day moving average stands at $2,293.79, about $26 above the current price. The 25-day moving average is at $2,396.17, and the 99-day moving average is at $2,350.77. The current price of $2,267.60 sits below all three moving averages.

In the short term, attention is focused on whether Ethereum can recover the 7-day moving average in the $2,293 range. If the price breaks above that level, the 99-day moving average near $2,350 and the 25-day moving average near $2,396 become the next technical watch zones. However, moving averages continuously shift with price movements, so these levels cannot be viewed as fixed resistance lines.

MACD Remains Bearish... 34 Trading Days Since Death Cross

The bearish trend continues in the MACD indicator as well. The MACD's DIF recorded -70.52 and the DEA -61.11. The DIF sits below the DEA, and the bearish signal has persisted since a death cross occurred 34 trading days ago. The MACD histogram stands at -9.41, still negative. However, compared to the previous -11.65, the negative gap has narrowed by 2.24 points. This means downward momentum has weakened compared to before, but the MACD has not yet confirmed a bullish turn.

Supertrend at $2,490.32... About 9.82% Rise Needed for Trend Reversal

The Supertrend indicator also remains pointed downward. The current Supertrend level is $2,490.32, about $222.72 above the Ethereum price. The gap from the current price to that level is roughly 9.82%. This shows that even if Ethereum continues its short-term rebound, a substantial price recovery is needed to escape the existing downtrend.

Recent Low of $2,174.08... 18.35% Below 30-Day High

Weakness is also confirmed in the recent price range. Ethereum's 7-day and 30-day low is $2,174.08. The current price is about 4.30% above that level. In contrast, it is 18.35% below the 30-day high of $2,777.33. The current price remains much closer to the recent low than the recent high.

The recently completed daily candle also shows a sharp drop from the $2,350–$2,390 range to $2,174.08, followed by limited recovery around $2,245–$2,268. However, the current rebound has not even reclaimed the 7-day moving average.

Daily Net Inflow of 3,427.26 ETH... Volume Support Still Insufficient

Some positive changes were seen in fund flows. Ethereum's daily net inflow was tallied at 3,427.26 ETH, with a net inflow rate of 4.37%. However, net inflow figures can be interpreted differently depending on what is being measured. Since exchange inflows and buy-dominant fund flows carry different meanings, these figures alone do not confirm expanded upward pressure.

Trading volume is also a crucial variable in judging a trend reversal. The current daily candle's volume stands at 6% of the average volume of the past seven days. As the day's trading is not yet complete, direct comparison with final volumes is difficult, but the price rebound so far cannot be considered evidence of sufficient trading participation.

Future Watch Points: Recovery of $2,293 vs. Holding the $2,174 Low

Ethereum is showing short-term changes such as RSI recovery and a narrowing negative MACD histogram. On the other hand, the moving averages and Supertrend remain pointed downward, creating divergence among technical indicators.

Going forward, the key points to watch are whether Ethereum recovers the short-term moving average in the $2,293 range and whether it holds the recent low around $2,174. Even if the $2,293 level is reclaimed, the moving averages near $2,350 and $2,396 remain, so it is necessary to distinguish between a short-term rebound and a trend reversal. Conversely, if the recent low of $2,174.08 is retested, whether the price holds at that level becomes critical.

On November 1, the Ethereum market showed signs of easing short-term selling pressure but has yet to escape its medium-term downtrend. Whether the price, down more than 16% over the past month, can recover the major moving averages, and whether expanding trading volume will support the rebound's sustainability, remain key variables for judging the future technical trajectory.

[This article analyzes Ethereum's price and technical indicators and does not recommend buying or selling any specific cryptocurrency. Technical indicators do not guarantee future prices, and prices and volumes may vary depending on the time of aggregation. This article was written with partial assistance from AI.]