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Ethereum Updates Today: Can Bulls Defend the $2,850 Level or Will Bears Take Over?

Ethereum Updates Today: Can Bulls Defend the $2,850 Level or Will Bears Take Over?

Bitget-RWA2025/11/20 09:02
By:Bitget-RWA

- Ethereum's $3,000 price tests $2,800–$2,950 support zone amid bullish wedge patterns and bearish breakdown risks. - Analysts split: Erik warns $2,850 break could trigger $800–$1,000 drop, while Matt Hughes calls $2,870 pullback a normal correction. - Technical indicators show mixed signals - ETH above 100-day EMA but below 50-day EMA, with Bollinger Bands framing $2,850–$3,150 key levels. - On-chain data suggests potential "liquidity reset" could precede bullish expansion, but delayed recovery risks prol

The recent movement in Ethereum's price has reignited discussions among both traders and analysts, as technical signals and blockchain data point to either a strong recovery or a further drop. With the cryptocurrency hovering around $3,000, it is currently challenging major support zones, while market participants watch to see if a descending wedge formation could propel ETH above its recent peaks.

One area drawing particular attention is the $2,800–$2,950 band, which many experts identify as a crucial support region. Erik, a trader active on X, pointed out that if Ethereum falls below this threshold and stays there, bullish scenarios could be negated, possibly pushing ETH down to the $800–$1,000 range

. At the same time, analyst Matt Hughes observed that Ethereum's current price fluctuations are consistent with its historical volatility, to $2,870 as a standard retracement within an overall upward trend.

Technical charts further highlight the ongoing uncertainty. Ethereum is trading above its 100-day EMA ($2,950), but remains under the 50-day EMA ($3,080–$3,150),

about the prevailing trend. Investors are also monitoring the 20-day Bollinger Bands, where the lower band sits at $2,850–$2,880 and the upper band is close to $3,150. , a fall below $2,850 could spark increased selling pressure, between 15 and 55 pointing to bearish momentum.

Ethereum Updates Today: Can Bulls Defend the $2,850 Level or Will Bears Take Over? image 0

Insights from on-chain metrics add further depth to the discussion.

indicates is experiencing a "liquidity reset," a trend that has often preceded extended bottoming phases rather than sharp declines. Should this process conclude, ETH may be set for a new growth cycle. However, the firm cautioned that a slow liquidity rebound could lead to prolonged sideways movement and heightened risk of additional drops.

Despite recent price swings, Ethereum’s fundamentals remain robust. ETH staking reached unprecedented levels

in November 2025, with over 33 million coins staked, reflecting strong long-term trust in the platform. Institutional investors are also showing more interest, as evidenced by BitMine Digital’s recent $72.5 million ETH acquisition. Such large-scale buying could help stabilize prices if retail investor sentiment declines further.

Opinions in the market are divided regarding what comes next. Should Ethereum maintain support above $2,850,

could push prices up to the $3,770–$5,823 range, with Fibonacci levels and EMA crossovers serving as important catalysts. On the other hand, — a level highlighted as a vital stop-loss — could see losses extend to $3,221 or even as low as $800–$1,000, depending on liquidity trends.

Experts warn that, despite a blend of technical and fundamental signals, the inherent volatility of cryptocurrencies like Ethereum remains a significant risk. “This is still typical crypto volatility,” Hughes commented,

if support levels are maintained. Nevertheless, stresses the importance of prudent risk management, advising traders to “safeguard their capital” and stay alert as short-term momentum currently favors the bears.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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