Ethereum’s (ETH) next stop? Analysts are looking at the $3,700 level

Ethereum is holding above the key support at $3,150. Analysts point to $3,700 as the next target, with resistance at $3,900 and $4,800.

Meanwhile, the asset is down almost 2% in the past 24 hours, with a weekly gain of 5%. The daily trading volume is $24.2 billion.

Support retest may result in a move to $3,700

Analyst Michaël van de Poppe shared a chart showing ETH reclaiming the $3,050 to $3,150 range. This level, once resistance, is now being tested as support. He noted that if Ethereum remains above this range, it indicates that buyers are taking action earlier than before. Based on this view, $3,700 is the next area to watch.

I’d like to see it $ETH hold this previous resistance zone as support.

What does that say?

Well, it does say that buyers are willing to enter at higher ground than last week and that would signal a potential rally to $3,700. pic.twitter.com/tWjrviMBZq

— Michaël van de Poppe (@CryptoMichNL) December 4, 2025

If Ethereum fails to hold its current level, nearby support zones lie at $2,630 and $2,400. So far, the price action remains steady, with a stronger RSI reading supporting the current uptrend.

Bigger breakouts depend on the $4,800 level

Market analyst Ali Martinez shared a weekly chart showing ETH bouncing below $3,000, with the price now testing support. He marked $4,800 as a strong resistance level. He said it is necessary to break this point before we can target higher zones such as USD 6,800 and USD 8,800. He added that “It could be $62,000 ETH”, but made it clear that this depends on continued strength and confirmed breakouts.

Elsewhere, Clifton FX confirmed a breakout from a falling wedge pattern. If the current trend continues, the next short-term target is around $5,000.

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In addition, Merlin The Trader be to a MACD bullish crossover on Ethereum’s daily chart – the first since September. This shift came after ETH found support between $2,700 and $2,900, then moved sharply towards $3,200. He described $3,900 as a key resistance. If this is broken, it could confirm a complete trend reversal.

The chart also shows ETH trading above the moving averages, with an increase in volume, supporting the recent recovery.

Sentiment stable while on-chain data shows gains

CryptoWZRD noted that both ETH and ETHBTC closed indecisively. However, ETHBTC remains above a major trendline. They placed $3,700 as the next major resistance, while keeping $2,800 as the main support on the daily chart.

On-chain data shows that Ethereum’s NUPL (net unrealized gain/loss) is 0.22. This suggests that most ETH holders continue to make profits, with no major signs of panic. Fundstrat’s Tom Lee recently maintained a longer-term price projection of $20,000 in 2026 based on tokenization growth.