Ethereum is trading at around $2,850 at the time of writing. Over the past 24 hours, the asset is up 1%. Over the last 7 days, though, it has lost 10%. Trading volume has reached $23.8 billion in the past day.

Wave Structure Repeats

Analyst Merlijn The Trader has pointed to a recurring price structure on Ethereum’s 2-week chart. The setup follows a sequence of three moves. The first is an impulsive rally. The second is a corrective drop. The third, often the largest, is a breakout leg. According to the chart, Ethereum is now in the second stage.

ETHEREUM: THE PERFECT WAVE SETUP

Wave 1: Ignition
Wave 2: Correction (now)
Wave 3: Expansion (next)

This structure played out 3x before.
And each time, $ETH ($2,955.19) pumped.

You know what to do in the discount zone. pic.twitter.com/GSDsX3RxJ4

— Merlijn The Trader (@MerlijnTrader) November 23, 2025

Remarkably, this structure has formed three times since 2022. Each cycle moved inside an ascending channel. The current decline from $4,950 to the $2,600–$2,800 zone mirrors past corrections.

Interestingly, this area is marked as a “discount zone” on the chart. The support trendline from previous lows remains in place. If the pattern continues, Ethereum could reach $9,000 in the next move.

Traders Watch Support and Reversal Zones

Lennaert Snyder noted that Ethereum failed to stay above $2,880, writing, “Our short scenario got triggered.” For long trades, he is watching the $2,680 level and a possible sweep of $2,620. He also pointed to a daily demand zone at $2,570. These are areas where reversal trades may form.

As CryptoPotato reported, the $2,872 level aligns with realized price data. This level “resembles a classic bottom” based on on-chain behavior. Previous cycle lows also bounced near these conditions.

Meanwhile, this area also matches realized price data from multiple wallet groups. That adds strength to this support level if it holds.

ETH/BTC ($88,636.00) Ratio Near Buy Zone

Ethereum’s performance against Bitcoin is also being watched. Analyst Michaël van de Poppe noted the ETH/BTC pair is trading at 0.0325. This level has acted as a base before. In the last bounce from this zone, the pair gained over 140%.

Source: Michaël van de Poppe/X

Van de Poppe said,

“If ETH finds support here, it could outperform BTC. If not, the entire market may move lower.”

The pair has been consolidating in this range for several days. A bounce could set up a trend reversal.

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