Ethereum News Today: Bitcoin and Ethereum Test Key Levels as Bulls Battle Bears in November Crucible

Bitcoin fell below $106,000 on Monday, while Ethereum dipped under $3,600, signaling renewed bearish pressure in the cryptocurrency market as traders brace for potential short-term volatility, according to a Yahoo Finance analysis. The moves follow weeks of consolidation amid mixed technical indicators and macroeconomic uncertainty, with analysts highlighting critical price levels that could determine the next phase of the market cycle.

Bitcoin's near-term trajectory hinges on its ability to reclaim key resistance thresholds. Analysts at Yahoo Finance note that the $117,261 and $120,000 levels remain pivotal for bulls aiming to push the asset toward its all-time high of $126,199. However, failure to sustain momentum above $115,000 could trigger a pullback toward $110,000, invalidating the current bullish case. Coinpedia's price prediction adds that Bitcoin's 1.45% weekly decline—despite a flat 24-hour performance—highlights fragile sentiment, with tightening Bollinger Bands suggesting impending volatility. Institutional activity, including corporate treasury allocations, could yet provide a catalyst for a late-month rebound, historically averaging 42.5% gains in November.

Ethereum faces an equally precarious juncture. The asset's price has formed a series of lower highs and lows, with bears dominating as ETH trades near $3,714—a 4.6% drop in 24 hours, according to Coinpedia's Ethereum analysis. Coinpedia's breakdown warns that a breakdown below $3,600 could lead to losses exceeding 10%, with a potential slide toward $3,300 looming if buyers fail to defend the $3,650–$3,700 support zone. On-chain data, however, reveals resilience: Ethereum hosts $165 billion in digital dollar assets, surpassing the foreign exchange reserves of nations like Singapore and India. Stablecoin transactions on the network surged 45% in October to $2.8 trillion, reflecting cautious liquidity management amid broader market jitters.

The broader crypto market remains under pressure, with the Fear & Greed Index stuck at 33 (extreme fear) and the Altcoin Season Index at 32/100. A 0.45 correlation between Ethereum and the Nasdaq hints at macroeconomic optimism, yet negative funding rates for ETH suggest an impending short squeeze. Total 24-hour trading volume reached $143.46 billion, underscoring liquidity despite lingering uncertainty.

Traders are closely watching exchange outflows, which have spiked for both Bitcoin and Ethereum, often interpreted as long-term accumulation signals. Meanwhile, technical indicators for Bitcoin show a critical test at $109,200, with a breakdown risking a descent to $107,696. For Ethereum, a rebound from $3,713 support has triggered oversold RSI readings and a potential MACD crossover, offering hope for a short-term reversal.

As November progresses, market participants will weigh institutional adoption trends, macroeconomic data, and on-chain fundamentals to gauge whether the current dip marks a buying opportunity or the start of a deeper correction.