Three Things to Know
Ethereum just logged its quietest trading day in about 11 weeks, while Bitcoin kept changing hands at a brisk pace.
Price now trades beneath both major moving averages, and momentum still favors sellers.
The zone near $2,400 is the line buyers must win to repair the chart.
Ethereum trading nearly stalled over the weekend. Volume collapsed from Saturday to Sunday as the Binance hack fallout kept capital frozen on the exchange.
That silence matters because ETH enters November weak, lagging Bitcoin after a bruising month and stuck under a key long-term trend line. Thin books can turn small orders into large moves. Traders now face one question. When volume returns, will buyers or sellers control the first heavy session?
Ethereum Volume Dries Up as Bitcoin Keeps Trading
Ethereum’s daily trading volume fell to about $4.63 billion on Sunday, Nov 1. That compares with $19.53 billion on Saturday, a drop of roughly 76% in a single day. The seven-day average before Sunday stood near $11.18 billion.
It was ETH’s thinnest session since Aug 17, when volume hit $3.31 billion. Only four of the past 90 days saw less activity.
Bitcoin turned over about $65.91 billion, or 4.22% of its market value. Ethereum turned over just 1.68% of its $275.67 billion market cap. Relative to its size, Bitcoin traded about 2.5 times as actively.
The gap follows a rough October. ETH lost about 16% in the month, twice Bitcoin’s 8% decline. The ETH/BTC ratio sat near 0.029. That is close to its 90-day low, set on Oct 30.
Several factors drained the market. The Binance hack on Oct 29 still weighs on traders, and the exchange is reopening withdrawals only gradually, which keeps capital locked up. Sunday fell on the first of the month, and monthly futures expiry was already done.
Thin order books cut both ways. When volume returns, even modest flows could push ETH sharply up or down.
The 200-Day Average Has Flipped From Floor to Ceiling
Ethereum (ETH) daily price with the nearest support (green) and resistance (red). Source: TradingView
ETH traded near $2,290, flat on the day. That leaves the coin just under its 200-day average, which sits around $2,320. The gap is small, but the price has failed to close above that line since Oct 26.
A 200-day average tracks the mean closing price over roughly the past ten months. Traders treat it as a dividing line between long-term strength and weakness. When price sits above it, the average tends to act as a floor. ETH has now slipped below, so the same line works as a ceiling that sellers defend.
The 50-day average adds a second barrier. It runs near $2,420, above the longer average and above the current price. Any rally would have to clear two layers of resistance to repair the chart.
Recent performance explains why. ETH is down about 14% over the past 30 days. The past week looks calmer, with a loss of roughly 1%.
That flat week reads as a pause. Sellers stopped pushing, and buyers have yet to take over. A real reversal would need ETH to reclaim the 200-day line with conviction, and so far that has not happened.
Sellers Still Hold the Momentum Edge
The daily RSI, a 0 to 100 gauge of momentum, reads about 38. That marks weak buying pressure. It also sits well above 30, the level traders call oversold. In plain terms, ETH has room to slide further before sellers run out of steam and a bounce becomes likely.
The MACD, which compares short and longer price trends, remains below its signal line. That means momentum is still pointing down.
Trend strength gauges show a real trend in place, and sellers lead it. Until buyers show up with size, a slow drift lower looks more likely than a sudden breakout.
Where a Thin Market Could Snap Next
On the daily chart, the nearest resistance sits around $2,400. That is roughly 5% above the current price and close to the 50-day line. The two barriers overlap, which makes the zone harder to crack.
A close above that zone would put the next ceiling near $2,560 in view. Buyers would need real volume to get there, given how weak momentum looks.
Below, the first support sits near $1,940, about 15% under the market. That cushion is wide, so a slow drift lower would take time to reach it. A break of that floor would expose the next one around $1,850.
Few resting orders sit between these levels. Once traders return in size, a move through either side could run fast before the market finds a new balance.
Two Paths for the Next 72 Hours
Volume will likely decide which way ETH breaks from here.
Bullish: A close back above the 200-day average, then a push through resistance on returning volume, would open a run toward the next ceiling. A slip back under the 200-day line would cancel that setup.
Bearish: A rejection below resistance would send price toward first support, with the lower floor next if selling builds. A close above resistance would invalidate this case.
Quiet Before the Move
For now, the trend favors sellers. ETH needs to win back both overhead averages, and Sunday’s sleepy tape gave no hint of that.
Liquidity is the bigger risk. Shallow order books and Binance’s slow withdrawal reopening can turn ordinary orders into outsized swings. Traders should expect the first heavy session to move price further than usual.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
