Ethereum (ETH ($3,568.52)) has seen a steep decline over the past three months, dropping from a high of $4,960 to a low near $3,000. The move resembles the 2020 correction, when the asset fell from $490 to $308 before starting a major rally.

Analysts are drawing comparisons between both events as ETH begins to recover.

Price Drop Matches 2020 Correction

Crypto analyst Galaxy pointed out that both corrections saw a drop. In 2020, the price bounced back strongly after hitting a low of $308. In 2025, ETH fell to $3,064 and is now trading above $3,500. Galaxy said the market could be repeating the same pattern.

$ETH went trough a similar correction back in 2020.

2020: $490 to $300
2025: $4900 to $3000

If you ask me, we’re just getting started. pic.twitter.com/l0P3SEZvxh

— Galaxy (@galaxyBTC) November 10, 2025

Notably, the key support zone is now between $3,000 and $3,100. A clear hold above support could lead to a strong recovery, as seen in the previous cycle.

In addition, Cas Abbé pointed to similar setups in 2025. Earlier this year, ETH dropped, then bounced 100%. They believe the recent move towards $3,000 may have been another false breakdown.

Key Support and Resistance Levels

Lark Davis said ETH is still holding above a trendline that has supported the price since April. That support line is intact, but short-term pressure remains. The 20-day EMA is acting as resistance around $3,695. ETH has not yet closed above it.

Meanwhile, the MACD indicator is close to a bullish cross. Davis said,

“Support vs. resistance vs. momentum – something’s about to give.”

ETH is being squeezed between levels. A breakout or breakdown could follow soon, depending on which side gives way first.

Source: Lark Davis/X

Whale Activity and Liquidity Targets

Bitcoinsensus shared that ETH reversed quickly after sweeping lows around $3,350. This move may have been driven by a liquidity grab. The next area of interest is near $4,950, where there is resistance and more liquidity.

PRIME 𝕏 reported that large holders began buying ETH when the price hit $3,200. If support between $3,000 and $3,400 holds, targets around $4,500 to $4,800 are in play. Whale activity in this range may support a continued move higher. However, Ali Martinez reported that 23 of the largest ETH whales sold or redistributed holdings over the past week.

This comes as ETH trading volume and open interest have reached record levels, as CryptoPotato reported. Some market watchers now say speculation is driving prices more than long-term holding.

Moreover, BitMine also released its latest holdings on November 10, 2025. The company reported 3.5 million ETH valued at $3,639 each, as well as holdings in BTC ($105,288.00) and other assets. The reported position indicates continued institutional exposure to Ethereum despite market fluctuations.

The post ETH Déjà Vu? 2025 Crash Mirrors 2020 Drop — What’s Next for Ethereum’s Price? appeared first on CryptoPotato.