Ethereum (ETH) is trading around $3,140 at press time, holding above a key zone that previously acted as resistance. Market analysts are now watching to see if this level can serve as a new support base, which could lead to a push toward the $3,700 mark.

Meanwhile, the asset is down almost 2% over the last 24 hours, with a weekly gain of 5%. Daily trading volume stands at $24.2 billion.

Support Retest Could Set Up Move to $3,700

Analyst Michaël van de Poppe shared a chart showing ETH reclaiming the $3,050–$3,150 area. This level, once resistance, is now being tested as support. He noted that if Ethereum stays above this range, it suggests that buyers are stepping in earlier than before. Based on this view, $3,700 is the next area to watch.

I’d love to see $ETH hold this previous resistance zone as support.

What does that say?

Well, it does say that buyers are willing to be stepping in on higher grounds than last week and that would signal a potential rally to $3,700. pic.twitter.com/tWjrviMBZq

— Michaël van de Poppe (@CryptoMichNL) December 4, 2025

If Ethereum fails to hold its current level, nearby support zones lie at $2,630 and $2,400. So far, the price action remains steady, with a stronger RSI reading supporting the current uptrend.

Larger Breakouts Depend on $4,800 Level

Market analyst Ali Martinez shared a weekly chart showing ETH bouncing from under $3,000, with the price now testing past support. He marked $4,800 as a strong resistance level. He said that breaking this point is needed before targeting higher zones like $6,800 and $8,800. He added that, “It could be $62,000 ETH,” but made clear this depends on continued strength and confirmed breakouts.

Elsewhere, Clifton FX confirmed a breakout from a falling wedge pattern. If the current trend continues, the next short-term target is around $5,000.

In addition, Merlijn The Trader pointed to a MACD bullish crossover on Ethereum’s daily chart — the first since September. This shift came after ETH held support between $2,700 and $2,900, and then moved sharply to $3,200. He described $3,900 as a key resistance. If broken, it could confirm a full trend reversal.

The chart also shows ETH trading above moving averages, with a rise in volume, supporting the recent recovery.

Sentiment Steady as On-Chain Data Shows Profits

CryptoWZRD noted that both ETH and ETHBTC closed indecisively. ETHBTC, however, remains above a key trendline. They placed $3,700 as the next major resistance, while keeping $2,800 as the main support on the daily chart.

On-chain data shows Ethereum’s NUPL (Net Unrealized Profit/Loss) at 0.22. This suggests most ETH holders remain in profit, with no major signs of panic. Fundstrat’s Tom Lee recently maintained a longer-term price projection of $20,000 by 2026, based on tokenization growth.

The post Ethereum’s (ETH) Next Stop? Analysts Watch $3,700 Level appeared first on CryptoPotato.

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Filed under: Bitcoin - @ December 5, 2025 3:16 pm