Ethereum (ETH) Defends $2,320 Long-Term Average After Slide From $2,800

Ethereum Tests Its Long-Term Average

Ethereum (ETH) trades at $2,355 as of early Thursday, 2026-10-29, resting almost directly on the long-term moving average near $2,320 that has underpinned its structure since the summer. COINOTAG's live monitoring puts ETH up 0.4% over the past 24 hours and down 0.2% since the daily readings behind this analysis were compiled, so the level is being held rather than lost. The daily chart frames a market that ran hard and is now catching its breath: ETH climbed from roughly $1,800 in August to nearly $2,800 in September, then began to slide, and it has since surrendered the shorter-term average near $2,360, which now works as the first resistance. Below, the support and resistance map is unusually clean. The black long-term line near $2,320 has caught the price in recent days, and several candles have left long lower shadows around $2,280 to $2,300, a pattern that points to buyers defending the area rather than abandoning it. Above, the blue line near $2,450 and the cyan line near $2,530 form a heavy ceiling, and no recovery case stands until the market clears them. Volume has dropped since early October and the latest candles show weak activity: sellers are not pressing hard, but buyers are not committing either. The RSI sits near 40, weak yet short of oversold, which leaves technical room for a further dip before conditions look stretched. If Ethereum (ETH) closes below the $2,320 area, the next reference points sit at $2,250, then $2,100 and $1,900, where the August breakout began, and a break that low would put the entire summer rally under test. The constructive case needs a daily close above $2,360 with growing volume, which would bring $2,450 and then $2,550 into view. Until that prints, $2,320 is the line that decides the next move.

NEAR, SHIB and LINK Pull Back

Three other widely held tokens show the same cool-down with their own numbers. Near Protocol (NEAR) trades close to $4.55 after one of the strongest large-cap runs of the year carried it from about $1.80 in August to nearly $6.00 in mid-October, and the pullback since that peak measures roughly 24%. It has been orderly: the averages near $4.30 to $4.40 caught the price twice in recent days and buyers stepped in on both occasions, while the longer lines near $3.60 and $2.90 sit far below. Volume is the missing ingredient, having faded since the early October peak, and the RSI has cooled to about 48 from September's overheated readings. Resistance starts at $4.75, then $5.20, with $5.60 the trigger for a run back at $6.00; on the downside, $4.30 is the line that keeps the bull market structure intact, with $3.60 waiting behind it. Shiba Inu (SHIB) is the weakest of the set at $0.00000491, trading below both major averages near $0.00000520 and the long-term line near $0.00000555, after peaking near $0.00000620 in late September. Every bounce since early October has failed at those levels. Support sits at $0.00000476; losing it opens $0.00000450 and then $0.00000430, the summer lows. Volume is near the year's lowest and the RSI is around 40, so a close above $0.00000520 would be the first genuine recovery signal. Chainlink (LINK), near $11.50, runs the other way: it more than doubled from about $7.00 in early July to $15.80 at the end of September and has since fallen roughly 27% onto the rising averages at $11.50 and $11.00. Its RSI near 38 is close to oversold, which makes a quick bounce possible, but a close under $11.00 would expose $10.50 and then $9.50.

The common thread across all four charts is contraction without capitulation: RSI readings between 38 and 48, shrinking volume and small candles, with no sign of market makers rebuilding size into the dips. Bitcoin's own stability near $81,109, up 0.5% over 24 hours, argues this is profit-taking inside a trend rather than a risk-off turn. The tell is the daily close. Hold $2,320 for Ethereum (ETH), $4.30 for NEAR and $11.00 for LINK, and the summer advance stays structurally whole; lose them, and the stated targets at $1,900, $3.60 and $9.50 map out the deeper reset. Volume returning to either side will confirm which way the break goes.