Why Ethereum (ETH/USD) Is Testing $2,300 Resistance

Market news Neutral bias Nov 3, 2026, 22:20 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

Ethereum is up 1.81% on the day and testing R1 resistance at $2,298.55, but the daily trend remains below its 200-day EMA while the one-hour trend points higher, leaving the setup neutral until either the daily pivot or R1 gives way.

Ethereum Tests Resistance After a 1.81% Daily Gain

With cash forex markets past the New York close and Asia now the active session until London opens at 07:00 UTC, Ethereum's latest prints show it at $2,289.94, up $40.68 on the day for a gain of 1.81% from the previous close of $2,249.26. The day's range ran from the day low of $2,239.58 to the day high of $2,300.02, a swing of $60.44 that covers roughly 73% of the 14-day Average True Range of $83.01 — a volatility measure explained in our ATR guide.

Price is sitting between the daily pivot at $2,266.03 and R1 at $2,298.55, putting it $8.61 from resistance and $23.91 above pivot support, right at the $2,300 round-number threshold. Yesterday's session ranged between a high of $2,314.92 and a low of $2,233.50 before closing at $2,249.66, a range of $81.42. Over the past five trading days Ethereum has moved between a high of $2,376.70 and a low of $2,170.03, down 2.84% across that window; stretched to twenty days, the range runs from a high of $2,527.60 down to that same $2,170.03 low, with price off 8.25% over the longer stretch.

Hack Reports, a Treasury Update, and Protocol News

A hack reportedly moved stolen stablecoins through ETH swaps before the proceeds were obscured via Monero, as reported by AMBCrypto. Separately, a corporate holder's ETH treasury update showed a large holding with the bulk of it staked, as reported by NewsBTC. On the protocol side, Crypto Briefing reports that Ethereum's leanVM component has cleared a formal verification milestone tied to quantum resistance, while CoinMarketCap reports a major exchange is preparing to add ETH to its trading lineup. These are topics currently being reported in the news cycle, not demonstrated explanations for today's price move.

News-sentiment tracking separately puts the opportunity read on ETH/USD at 34, a bullish reading, though the same tracker shows that reading swinging from 29 (bullish) to negative 40 (bearish) within the past 24 hours — a measure of coverage tone and opportunity scoring, not a trading signal.

Technical Picture: Daily Trend Down, Shorter Timeframes Mixed

The daily trend remains down, with price below its 200-day EMA of $2,315.67, the 20-day EMA at $2,355.99 and 50-day EMA at $2,413.46 both still overhead, and the daily RSI(14) at 33.1. The four-hour trend is mixed, with price threading between a 20-period EMA of $2,273.30 and a 50-period EMA of $2,291.55. The one-hour trend, by contrast, has turned up, with its 20-period EMA at $2,279.44 above the 50-period EMA at $2,271.90. With the daily trend pointing down and the one-hour trend pointing up, the technical evidence is split rather than aligned in one direction. The pivot point calculator breaks down how each level in the ladder below is derived.

Key Levels and Scenarios for ETH/USD

A break above R1 at $2,298.55 would open the way toward R2 at $2,347.45, a run of $48.90 from trigger to target, invalidated by a move back below the daily pivot at $2,266.03. On the downside, a break below S1 at $2,217.13 would open the way toward S2 at $2,184.61, a move of $32.52 from trigger to target, invalidated by a recovery back above that same daily pivot at $2,266.03. R3 at $2,379.97 and S3 at $2,135.71 mark the outer edges of today's pivot ladder.

What's Next

Attention turns to tomorrow's US data calendar. The ADP Employment Change is due at 13:15 UTC, with an estimate of 69 against a previous reading of 90. That's followed by the S&P Global Composite PMI at 14:45 UTC, estimated unchanged from its previous 57.6, and the ISM Services PMI at 15:00 UTC, estimated at 54.8 versus a previous 54.9. Our economic calendar guide covers how to read releases like these against their estimates.

Bottom Line

Ethereum's intraday move is notable but not yet decisive. Price has not broken R1 at $2,298.55, the daily trend sits below its 200-day EMA, and the one-hour and four-hour readings disagree with that daily picture. With both the bullish and bearish pivot paths active on either side of the daily pivot at $2,266.03, the setup reads neutral until one of those levels gives way.