Ethereum (ETH) is currently trading at around $3,140, maintaining support above crucial levels that previously acted as resistance. Analysts are closely monitoring this situation to determine if this price can serve as a new supportive foundation, potentially driving Ethereum towards the $3,700 target.

As of now, Ethereum has seen a slight drop of nearly 2% over the last 24 hours, but it has had a weekly gain of 5%. Its daily trading volume is approximately $24.2 billion.

Support Retest Could Set Up Move to $3,700

Analyst Michaël van de Poppe presented a chart showing ETH stabilizing at the $3,050-$3,150 mark. This area, once a barrier, appears to be revisited as support. If Ethereum remains above this level, it indicates stronger buying, suggesting that $3,700 might be the next target.

“I’d love to see $ETH hold this previous resistance zone as support.” — Michaël van de Poppe (@CryptoMichNL) December 4, 2025

If Ethereum fails to maintain this level, next support zones are found at $2,630 and $2,400, though price action seems stable, supported by a favorable RSI reading.

Larger Breakouts Depend on $4,800 Level

Market analyst Ali Martinez indicated a weekly chart showcasing ETH’s recovery from below $3,000; he highlighted $4,800 as a significant resistance point. A breakthrough at this level is necessary before targeting higher ranges like $6,800 or $8,800. He stated, “It could be $62,000 ETH,” but emphasized that this is contingent upon maintaining momentum and successful breakouts.

In another perspective, Clifton FX verified that Ethereum has achieved a breakout from a falling wedge pattern, aiming for around $5,000 if the trend continues.

Steady Sentiment as On-Chain Data Shows Profits

CryptoWZRD noted indecisive closures for both ETH and ETHBTC. The ETHBTC pairing remains above a key trendline, placing $3,700 as the next hurdle, with $2,800 serving as primary support on the daily chart. Current on-chain indicators suggest that most holders are experiencing gains with minimal signs of panic. Recently, Tom Lee from Fundstrat maintained a forecast of $20,000 for ETH by 2026, attributing it to tokenization growth.