Time to buy Ethereum (ETH)? Key support zone tested

Ethereum is testing key support near $3,700 and 0.0325 BTC. Analysts are eyeing the recovery potential as futures hit record highs and stock market supply falls.

Ethereum is trading at key levels that some analysts say are favorable for long-term positioning.

Consequently, the market’s focus is on how the price behaves around the current support zones as trading volumes remain stable.

ETH at weekly support level

Ethereum is testing support around 0.0325 BTC on the ETH/BTC pair. This level is consistent with the 20-week moving average, which has served as a strong base in previous cycles. Analyst Michaël van de Poppe called it is a “ideal zone for purchases‘ and said ETH is in a strong spot for portfolio allocation.

Recently, Ethereum retreated after hitting a local high during its most recent rally. Despite the pullback, the chart still shows higher lows and higher highs. The RSI remains above 50 and volume has not shown any major change. Van de Poppe also suggests that this decline could be temporary if support continues:

“Corrections don’t last forever.”

Support remains stuck on USD pair

ETH is trading near $3,850, down about 2% on the day and 3% for the week. The asset recently bounced off the $3,700 support zone, an area that has served as the lower bound of the current range.

Analyst Lennaert Snyder said,

“$ETH rallied from the low of $3,700. “I’m looking at ~$3,937 for post-fail shorts and post-gain longs.”

Structurally, a symmetrical triangle has formed on the ETH/USDT chart. The asset is now close to the lower limit of the pattern. A breakdown would indicate more selling, while a rise could keep ETH within reach.

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$ETH is so close to demolition…

Let’s hope for a revival here. pic.twitter.com/h4ea2Iz4P6

— Mister Crypto (@misterrcrypto) October 31, 2025

Traders look to the pattern for direction as the bandwidth narrows.

Alternating currents and futures activity

As reported by CryptoPotato, more than 200,000 ETH were withdrawn from exchanges in a 48-hour period earlier this week. This move likely reduced short-term selling pressure, but there is also the possibility that it was an internal shift between exchange accounts.

At the same time, open interest on CME ETH futures has reached 2.25 million contracts, the highest on record. Positions are spread over terms of one to six months. This trend shows increased institutional interest in Ethereum through regulated markets.