Ethereum Holds Above $3,703 as Bulls Defend Critical Support Zone

Ethereum's at a crossroads. After pulling back from its recent peak near $4,868, ETH has settled around the $3,703 support level—and that's where the battle is happening right now.

The Technical Setup

According to Misstrader ANKA, this isn't just another support line on the chart. It's the dividing line between keeping the bullish trend alive and opening the door to a much deeper pullback. Bulls are digging in, but the pressure is real.

Ethereum's weekly chart shows a longer-term bullish pattern, but short-term weakness has brought it back to test critical support. The $3,703–$3,580 zone is where buyers need to hold the line. Below that, things could get messy fast.

Here's what the chart shows:

• Key support at $3,703–$3,580 – If this breaks, expect accelerated selling
• Secondary support at $3,281 – A historically strong base from prior corrections
• Deeper floors at $2,513, $2,111, $1,793, and $1,385 – Long-term accumulation zones from 2022–2023
• Resistance band at $4,630–$4,868 – The ceiling ETH needs to break to reignite momentum
• Cup pattern target at $5,790 – The longer-term bullish objective if the pattern plays out

The bigger picture? Ethereum looks like it's forming a classic cup-and-handle pattern on the weekly chart. The left side formed during 2022–2023, followed by a recovery through 2024 and a breakout to $4,868 in early 2025. Now it's pulling back to test that breakout zone—totally normal behavior before the "handle" forms and the next leg up begins.

What's Supporting ETH?

Beyond the technicals, a few fundamental factors are keeping Ethereum in the game. Institutional interest in Ethereum ETFs and staking products is bringing steady demand. The post-Merge burning mechanism continues to tighten supply. And let's not forget—Ethereum still moves with Bitcoin, so if BTC rallies, ETH usually follows.

Ethereum's next move hinges on $3,703. Hold it, and bulls stay in control with a path back toward $4,107 and eventually $4,630–$4,868. Lose it, and we're probably headed down to $3,281 or even $2,513 before the next real accumulation phase kicks in.