Set up wave 3? Ethereum (ETH) price drops to ideal buying zone

Ethereum falls to $2.8K as traders monitor a key wave pattern and support zone, with a potential of $9K if the structure re-emerges.

Wave structure repeats itself

Analyst Merlijn The Trader has pointed out a recurring price structure on Ethereum’s 2-week chart. The setup follows a series of three moves. The first is an impulsive rally. The second is a corrective decline. The third, often the largest, is a breakout leg. According to the chart, Ethereum is now in its second phase.

ETHEREUM: THE PERFECT WAVE SETTING

Wave 1: Inflammation
Wave 2: Correction (now)
Wave 3: Expansion (next)

This structure happened 3 times before.
And every time, $ETH pumped.

You know what to do in the discount zone. pic.twitter.com/GSDsX3RxJ4

— Merlijn The Trader (@MerlijnTrader) November 23, 2025

Remarkably, this structure has formed three times since 2022. Each cycle moved within an ascending channel. The current decline from $4,950 to the $2,600-$2,800 zone reflects previous corrections.

Interestingly enough, this area is marked as a “discount zoneon the chart. The supportive trendline from previous lows remains in place. If the pattern continues, Ethereum could reach $9,000 on its next move.

Traders look for support and reversal zones

Noting that Ethereum failed to stay above $2,880, Lennaert Snyder wrote: “Our short scenario was triggered.” For long trades, he is eyeing the $2,680 level and a possible sweep of $2,620. He also pointed to a daily demand zone of $2,570. These are areas where reverse transactions can occur.

If CryptoPotato The $2,872 level corresponds to the realized price data. This level “looks like classic pants“Based on behavior within the chain. The lows of the previous cycle also bounced around these conditions.

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Meanwhile, this area also corresponds to realized price data from multiple portfolio groups. That adds strength to this support level if it holds.

ETH/BTC ratio near buy zone

Ethereum’s performance against Bitcoin is also being watched. Analyst Michaël van de Poppe noted the ETH/BTC pair is trading at 0.0325. This level has previously functioned as a basis. On the last rebound from this zone, the pair gained more than 140%.

Van de Poppe said,

“If ETH finds support here, it could outperform BTC. If not, the entire market could move lower.”

The pair has been consolidating in this range for several days. A rebound could cause a trend reversal.