Ethereum is currently trading at approximately $2,850. In the past 24 hours, the asset has seen a 1% increase. However, over the last seven days, it has experienced a 10% decline. The trading volume for the past day has reached $23.8 billion.
Recurring Wave Structure Suggests Potential Upside
Analyst Merlijn The Trader has highlighted a recurring price structure on Ethereum's 2-week chart. This pattern consists of a three-move sequence: an initial impulsive rally, followed by a corrective drop, and then a potentially larger breakout leg. According to the chart analysis, Ethereum is currently in the corrective drop phase.
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 pumped.You know what to do in the discount zone. pic.twitter.com/GSDsX3RxJ4
— Merlijn The Trader (@MerlijnTrader) November 23, 2025
This specific structure has appeared three times since 2022, with each cycle occurring within an ascending channel. The current decline from a high of $4,950 down to the $2,600–$2,800 range mirrors previous corrective movements.
This price range is identified as a "discount zone" on the chart, and the support trendline from prior lows remains intact. If historical patterns hold true, Ethereum could potentially reach $9,000 during the subsequent expansion phase.
Key Support and Reversal Zones Under Observation
Analyst Lennaert Snyder has observed that Ethereum failed to sustain its price above $2,880, indicating that a short scenario has been triggered. For potential long trades, Snyder is monitoring the $2,680 level and a possible sweep of $2,620. He also pointed to a daily demand zone located at $2,570, identifying these areas as potential locations for reversal trades to form.
As previously reported, the $2,872 level aligns with realized price data. This specific level is described as resembling a "classic bottom" based on on-chain metrics. Past cycle lows have also shown bounces occurring near similar conditions.
Furthermore, this support area corresponds with realized price data from multiple wallet demographics, reinforcing its significance as a potential bounce point for Ethereum.
ETH/BTC Ratio Nearing a Buy Zone
The performance of Ethereum relative to Bitcoin is also a key indicator being closely watched. Analyst Michaël van de Poppe has noted that the ETH/BTC pair is currently trading at 0.0325. This level has historically served as a significant base. In the past, a bounce from this zone resulted in the pair gaining over 140%.
Van de Poppe stated,
“If ETH finds support here, it could outperform BTC. If not, the entire market may move lower.”
The ETH/BTC pair has been consolidating within this range for several days. A sustained bounce from this level could signal a trend reversal for Ethereum against Bitcoin.