Amid the recent market recovery, Ethereum (ETH) has retested major levels as support for the first time in a week, with some market watchers suggesting the highly anticipated year-end trade could be delayed for several more weeks.
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Ethereum looks to next key level
Ethereum regained significant levels on Sunday before retesting them on Monday rebound. The cryptocurrency has been trading in a range of $3,100 to $3,500 since last week’s market turmoil, and at one point hit a four-month low of $3,057.
Over the weekend, the king of altcoins regained resistance at $3,400, rose about 7% to reach the $3,650 level, and stabilized in the $3,500 to $3,550 range as the new week began.
Daan crypto trading noticed Current levels are an important area to maintain in the short term, he said. “If the bulls can achieve that, they can try to close some of the inefficiencies created by the recent big flash.”
Nevertheless, Ali Martinez has over 869,000 ETH accumulated Around the $3,700 level, the cryptocurrency is forming a major wall of resistance until it reaches the psychological barrier of $4,000.
Martinez also pointed out that: number The number of mega whale addresses holding 10,000 ETH or more has decreased by nearly 20 over the past week. According to CoinGlass data shared by analysts, 23 of the largest Ethereum whales sold or redistributed their holdings between November 4 and November 8.
Nevertheless, large investors continued to bet on the king of altcoins during the market decline. BitMine CEO Tom Lee said: affirmed “The recent drop in ETH prices has created an attractive opportunity to buy cryptocurrencies.”
As a result, the company purchased 110,288 ETH worth $400 million last week, increasing its holdings to 3,505,723 million tokens, representing 2.9% of the total ETH supply.
Has ETH’s 4th quarter rise been delayed?
Despite recent recovery, Ted Pillows proposed He said that Ethereum may not make new highs this month and claimed that, like Bitcoin, “Ethereum does not show any correlation with M2 supply.” The analyst explained that this often happens when the expansion of U.S. liquidity is hampered.
Based on this, he believes the second-largest cryptocurrency by market capitalization could remain strong through the remainder of this month “before taking off in December 2025/January 2026.”
Cryptowolf, also an analyst I believe ETH is likely to “visit a clear high” around $3,400-$3,500 this month, and “only after that can we realistically aim for a new ATH by December.”
Market watchers highlighted $3,100 as the next major stock support Zone after recent shakeout. If this level holds on the higher timeframe, ETH could build a foundation to retest recent highs. However, the loss of this important area will determine the “start of a bear market.”
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On the other hand, analyst Kas Abbe said: noticed ETH’s recent performance is similar to Q2’s price movement. At the time, the altcoin briefly dipped below its multi-month price range, but recovered within two months to rise 100% to new highs.
If history repeats itself, Ethereum is preparing to retest the $3,700-$3,800 resistance in the near future, potentially posting a massive rally by the end of the year.
Featured image from Unsplash.com, chart from TradingView.com
