Ethereum News Today: Ethereum's $3,930 Support: Last Line After $4K Slide

Ethereum's price slid below the critical $4,000 threshold on Oct. 28, marking a 3.59% decline to $3,984.34, according to a Morningstar report. The drop ended a five-day winning streak and represents the largest single-day percentage loss since Oct. 22, 2025, when the asset fell 4.53%. Year-to-date gains remain at 19.12%, but the price is now 19.59% below its all-time intraday high of $4,955.23 set in August, according to the Morningstar report. Traders are closely watching whether Ethereum can stabilize above $3,930, as a breakdown below that level could trigger a test of the $3,870–$3,880 support zone identified by analysts in a CoinDesk analysis.

Technical analysts highlight the $3,945–$4,000 range as a key battleground for near-term momentum. While Ethereum briefly reclaimed $4,001.69 earlier in the week, selling pressure reasserted, capping further gains, the CoinDesk analysis said. The asset has since consolidated in a narrow range between $3,930 and $3,940, with intraday volatility failing to pierce critical resistance levels. A sustained close above $4,000 would open the path to $4,100 and early-month highs, while a failure to hold above $3,930 could force a retreat toward the $3,870–$3,880 area, as noted in a Yahoo Finance report.

Longer-term projections remain cautiously optimistic. A Yahoo Finance report noted that CoinDesk's 5 Index (CD 5) has rebounded from a mid-October dip, with analysts suggesting a multi-year upward trajectory is intact, contingent on overcoming near-term resistance. The index rose from 1,945.13 to 1,953.72 during the week, rebounding from an intraday low of 1,922.57 as support solidified around 1,920–1,925. On a one-month chart, Ethereum's grinding advance toward $4,000 underscores the importance of converting the high-$3,900s into a foundation for future rallies, the CoinDesk analysis added.

Fundamental catalysts also loom. The Ethereum network is nearing the final testnet phase for the Fusaka upgrade, which aims to enhance smart contract efficiency and reduce gas costs, according to a Yahoo Finance report. Analysts argue that a successful deployment could drive function-based demand for ETH, benefiting altcoins built on the platform. Current technical indicators, including an RSI near oversold levels and a MACD hinting at a reversal, suggest a potential bounce from the $3,850 support level, where the price has historically found buying interest according to the Yahoo Finance report.