ETH Test Support, Analysts Predict New ATH in November

Ethereum is trading near $4,000 after recovering from key support. Analysts are tracking bullish setups, with targets as high as $7,300.

Ethereum (ETH) is trading around $4,000 after a week of mixed market action. The price fell 4% in the last 24 hours and 15% in the last seven days.

Analysts are eyeing a key support level as the current structure suggests ETH may be preparing for another move higher.

Structure points to further upside potential

Lark Davis, a popular market analyst, said that Ethereum has broken out of a symmetrical triangle that existed since 2021. After the breakout, ETH reached its previous all-time high around $4,855 before retreating. 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 in 2021
– Perfectly rejected at the old macro swing high

It is now winding in a bullish pennant and also testing the upper triangle line that once… pic.twitter.com/litJAfytV2

— Lark Davis (@TheCryptoLark) October 13, 2025

He also pointed out that the upper triangle line, which acted as resistance, can now act as support. If the asset holds this zone and breaks out, Davis noted that a Fibonacci projection puts the next target near $7,300.

Bouncing out of the support zone and short-term setup

Michaël van de Poppe said ETH recently recovered from a strong demand zone between $3,800 and $3,940. This area previously acted as support and the price responded again with high volume. ETH is now facing resistance around $4,200.

From de Poppe commented“I think we will see a new ATH for Ethereum in November“, following the recent recovery. As long as ETH remains above the $3,800 level, traders expect a retest of the $4,855 range in the near term.

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Moreover, Trader Tardigrade shared a graph showing a known pattern. Earlier this year, ETH moved sideways, formed three dips and then broke out. An almost identical structure is now forming again.

“Ethereum has come off three dips and returned to the consolidation zone. It is ready to take off.”

The chart shows that ETH is back at the top of the range, with buyers taking action.

Market update and institutional activity

During the recent trade tensions between the US and China, ETH showed short-term weakness before recovering. On-chain data from CryptoQuant showed that the price fell below the major moving averages during the height of the conflict, but regained strength as market sentiment improved.

Open interest in ETH futures fell from $33 billion to $18 billion after the October 10 sell-off. Meanwhile, BitMine Immersion Technologies reported that its ETH holdings now exceed 3 million tokens. The company confirmed that its total crypto assets are valued at $12.9 billion, with ETH making up the largest portion of that figure.