Ethereum (ETH ($3,151.35)) is priced at $3,200 at press time, showing a small 24-hour drop and a 7-day loss of 11%. Attention is now on a key technical level near $2,875.

Market participants are watching to see if ETH can hold above this point or move lower into support zones highlighted by traders.

$2,875 Stands as a Crucial Level

Trader Crypto Patel has pointed to $2,875 as a key zone for Ethereum. He described it as a “make-or-break level,” noting that if bulls defend it, the path to $5,000 may open. The $2,875 level also matches the 0.382 Fibonacci area and sits near an unfilled Fair Value Gap (FVG), which has not yet been tested on the way up.

#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 ($0.02) Toward $8K-$10K pic.twitter.com/TnfR3Eq5bK

— Crypto Patel (@CryptoPatel) November 17, 2025

If ETH drops below this level, focus may shift to the range between $2,250 and $2,620. Patel identified this zone as a Bullish Order Block (OB), which includes the 0.5 to 0.618 Fibonacci retracement. He called it a “dream accumulation zone,” where long-term buyers might re-enter before a possible move toward $8,000–$10,000.

Current Support Around $3,100–$3,200

ETH is now trading inside a zone that has held up multiple times. Analyst Cipher X noted that the $3,100–$3,200 area has been defended by buyers in previous sessions.

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

A move above $3,500 could set up a push toward the $4,200 to $4,500 range.

Daan Crypto Trades observed that ETH remains around the 0.618 Fibonacci retracement but isn’t near a clear support or resistance. “Pretty much in the middle of nowhere,” he said, adding that price would start to look stronger above $3,650. He also pointed to $2,800 as a major level to watch if the current zone breaks.

Moreover, trader Ted reported that ETH retested the $3,000 level and bounced. He said that a reclaim of $3,500 would give bulls some control. However, a failed retest could drag the price below $3,000 again. As previously reported, ETH is also testing the 50-week EMA around $3,200–$3,500, a level that was resistance for over a year. It is now being tested from the other side.

Market Activity and Institutional Interest

Ethereum’s fundamentals remain active. Vitalik Buterin shared a new “Trustless Manifesto,” calling for more decentralization and self-custody across the network. In corporate activity, SharpLink Gaming posted a 1,100% year-over-year revenue increase, helped by its Ethereum holdings.

On the trading side, Arthur Hayes sold 1,480 ETH for $4.7 million over the past two days. Still, observers noted that “it’s not possible to say that Hayes is always accurate,” referencing a previous low sell that was followed by a buyback at a higher price.

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