Ethereum Drops to $4,600 Today — But On-Chain Support Stays Solid

Jakarta, Pintu News – The Ethereum (ETH) price entered November with renewed selling pressure. As of November 4, the price has fallen by more than 2% and is now close to the $3,600 mark, after experiencing a decline of almost 17% throughout October.

Whereas, the market had hoped for a recovery, the latest data shows that asset holders are starting to reduce their exposure. Even so, on-chain support zones and key momentum signals suggest that this decline is unlikely to last long.

Then, how is Ethereum’s current price movement?

Ethereum Price Drops 2.35% in 24 Hours

On November 4, 2025, Ethereum was trading at approximately $3,645, equivalent to IDR 61,267,799 — marking a 2.35% decline over the past 24 hours. During this time, ETH dipped to a low of IDR 59,781,874 and reached a high of IDR 62,958,306.

At the time of writing, Ethereum’s market capitalization stands at roughly IDR 7,333 trillion, while its daily trading volume has surged by 88% in the last 24 hours to reach IDR 776.25 trillion.

Read also: Bitcoin Price Drops to $106,000 Today: BTC Miners Start Selling

Holders pull out, but on-chain support remains strong

The holder accumulation ratio – which measures how much existing Ethereum wallets add to their balance – dropped to 29.79%, the second lowest level in the past month. The last similar drop was on October 9 (29.66%), which subsequently triggered a 14% price drop, from $4,370 to $3,750.

This drop indicates that long-term holders are reducing exposure or waiting for more attractive prices. The death cross pattern predicted last week – when Ethereum’s short-term moving average broke below the long-term average – has also formed, confirming that sellers temporarily have the upper hand.

However, data from the base cost distribution heatmap shows a strong support cluster in the price range of $3,649 to $3,686, where approximately 1.09 million ETH were last traded.

The Cost-Basis Heatmap shows the price levels where investors last bought their coins. This tool helps identify key support or resistance zones based on the past activity of holders.

This kind of dense accumulation often acts as a buffer, meaning if Ethereum’s price drops further, these areas could trigger buying interest as the price drops and limit the potential for deeper losses.

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Ethereum’s Bullish Divergence and Price Movement Hints at a Potential Rebound

On the daily chart, Ethereum is currently trading within an ascending triangle pattern, where the price continues to form higher lows with an upward sloping support line. This structure usually reflects the resilience of buyers, even during price corrections. Fibonacci levels mark key resistance and support zones in this triangle pattern.

Between October 30 and November 3, the ETH price formed a higher low, while the Relative Strength Index (RSI) – which measures buying and selling strength on a scale of 0 to 100 – printed a lower low. This pattern is known as a hidden bullish divergence, which indicates that the underlying momentum is still positive despite the price drop.

If Ethereum price is able to hold above the $3,679 support zone, a potential rebound towards $3,899 (Fibonacci 0.382 level) could occur. Further strengthening above $4,035 and $4,132 would confirm the recovery and invalidate the short-term bearish bias. It should be noted that this important support zone has also been previously validated by the cost basis heatmap.

However, if the daily closing price falls below $3,679, then the uptrend line will be broken and open up the opportunity for a deeper correction. In this scenario, the ETH price could fall to $3,512, which would invalidate the prospects of a rebound.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Ethereum Price Takes a Hit as Holders Dump – But Is the Weakness Temporary? Accessed on November 4, 2025