According to CoinDesk Research's technical analysis data model, Ether ETH$3,550.09 retreated 1.5% during Tuesday's session as bears overwhelmed early bulls near critical resistance.

ETH plunged from $3,629 to $3,576 within a $136 trading range as selling volume spiked 138% above normal levels. The breakdown confirms bears now control the near-term direction after weeks of consolidation.

The selloff accelerated after ETH rejected the $3,646 resistance level during early morning trading. Exceptional volume of 338,852 contracts drove the decisive break below $3,590 support. This key level had previously provided reliable demand during recent volatility. ETH touched an intraday low of $3,532 before stabilizing near current levels.

Price action now shows lower highs despite multiple recovery attempts. The bearish structure emerged following the failed breakout attempt above $3,646. Volume normalized in final hours, suggesting the new $3,565-$3,589 trading range reflects genuine institutional selling rather than temporary liquidity gaps.

Technical Breakdown vs Institutional Accumulation: What Traders Should Watch

Technical factors dominated Tuesday's session as momentum indicators flashed warning signals across multiple timeframes. The $3,646 rejection triggered cascading stops that overwhelmed recent institutional buying interest. Republic Technologies' $100 million ETH allocation and BitMine's 3.5 million token holdings provided insufficient support against the technical breakdown.

The $3,590 support failure marks a critical shift in market structure for ETH bulls. This level had served as a reliable demand zone during recent price swings. With momentum deteriorating and volume patterns confirming distribution, traders now eye further downside testing before any sustainable recovery emerges.

Key Technical Levels Signal Caution for ETH

Support/Resistance: Primary support sits at $3,510-$3,530 cluster, with broken $3,590 level now acting as resistance

Volume Analysis: Breakdown volume of 338,852 exceeded 24-hour average by 138%, confirming institutional selling participation

Chart Patterns: Lower high formation at $3,646 followed by support breakdown establishes bearish continuation setup

Targets & Risk/Reward: Immediate downside target sits at $3,510 support, with further weakness toward $3,480-$3,500 zone likely

CoinDesk Index 5 (CD5) Market Analysis - 10 November 03:00 UTC to 11 November 02:00 UTC

CD5 edged higher from $1,840 to $1,843 during volatile 24-hour trading that featured extreme price swings and distribution patterns across major crypto assets, with the index touching $1,869 highs before sellers emerged near resistance levels and drove prices back toward session averages.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.