ETH Testing Support, Analysts Predict New ATH in November
Ethereum (ETH) is trading near $4,000 after a week of mixed market action. The price dropped 4% in the past 24 hours and 15% over the last seven days.
Analysts are watching a key support level, as the current structure suggests ETH may be preparing for another move higher.
Structure Points to Further Upside
Lark Davis, a popular market analyst, said Ethereum has broken out of a symmetrical triangle that had been in place since 2021. After the breakout, ETH touched the previous all-time high around $4,855 before pulling back. It is now forming a consolidation pattern just above the old resistance.
Zoom out on $ETH and the structure is clear:
– ETH broke out of a multi-year symmetrical triangle that started back in 2021
– Rejected perfectly at the old macro swing highIt’s now coiling inside a bullish pennant, and also testing the upper triangle line which was once… pic.twitter.com/litJAfytV2
— Lark Davis (@TheCryptoLark) October 13, 2025
He also pointed out that the upper triangle line, which acted as resistance, may now serve as support. If the asset holds and breaks out from this zone, Davis noted that a Fibonacci projection puts the next target near $7,300.
Bounce From Support Zone and Short-Term Setup
Michaël van de Poppe said ETH recently bounced from a strong demand zone between $3,800 and $3,940. This area had acted as support earlier, and the price once again reacted from it with high volume. ETH is now facing resistance around $4,200.
Van de Poppe commented, “I think we’ll see a new ATH for Ethereum in November,” following the recent recovery. As long as ETH stays above the $3,800 level, traders are expecting another test of the $4,855 range in the short term.
Moreover, Trader Tardigrade shared a chart showing a familiar pattern playing out. Earlier this year, ETH moved sideways, formed three dips, and then broke out. A nearly identical structure is now forming again.
“Ethereum has completed three dips and returned to the consolidation zone. It’s ready to take off.”
The chart shows ETH back at the top of the range, with buyers stepping in.
Market Update and Institutional Activity
During recent US–China trade tensions, ETH showed short-term weakness before recovering. On-chain data from CryptoQuant showed that the price dropped below key moving averages during the peak of the conflict but regained strength as market sentiment improved.
Open interest in ETH futures dropped from $33 billion to $18 billion following the October 10 sell-off. Meanwhile, BitMine Immersion Technologies reported that its ETH holdings now exceed 3 million tokens. The company confirmed its total crypto assets are valued at $12.9 billion, with ETH making up the majority of that figure.
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