Ethereum (ETH) is currently valued at $3,200, reflecting a slight 24-hour decline and a 7-day fall of 11%. Market focus is on a critical technical support level nearing $2,875.

Crucial Level at $2,875

Trader Crypto Patel points to $2,875 as a pivotal threshold for Ethereum, describing it as a make-or-break level. If defended, the upward trajectory towards $5,000 could be on the horizon. This level corresponds with the 0.382 Fibonacci zone and is positioned near an untested Fair Value Gap (FVG).

#ETH $2,875 FVG is the Make-or-Break level. If bulls HOLD this → Next leg to $5K+ begins 🚀 If NOT… the $2,250–$2,620 OB becomes the dream accumulation zone before ETHEREUM sends to new ATH Toward $8K-$10K pic.twitter.com/TnfR3Eq5bK — Crypto Patel (@CryptoPatel) November 17, 2025

Should ETH fall below this threshold, attention may turn to the range of $2,250 to $2,620, designated by Patel as a Bullish Order Block (OB), likely including the 0.5 to 0.618 Fibonacci retracement.

Current Support at $3,100–$3,200

ETH trades in a range that has shown resilience in previous sessions. Analyst Cipher X noted that the $3,100–$3,200 zone has been repeatedly defended by buyers.

“As long as this area holds, the structure remains intact.”

A breakthrough above $3,500 might initiate a drive towards the $4,200 to $4,500 territory.

Market Dynamics and Institutional Engagement

Ethereum remains active in terms of fundamentals. Vitalik Buterin has introduced a new Trustless Manifesto, urging for greater decentralization and self-custody across the ecosystem. In the corporate sector, SharpLink Gaming reported a 1,100% year-over-year revenue increase, largely attributed to its Ethereum assets.

On the trading front, Arthur Hayes offloaded 1,480 ETH for $4.7 million in the last two days. Observers, however, caution that it is difficult to ascertain Hayes’ timing accuracy given his prior low sell followed by a higher buyback.