Ethereum continues to defend key price levels as the market enters a consolidation phase following recent volatility. The second-largest cryptocurrency by market capitalization trades around $3,450, maintaining a position that analysts consider crucial for the continuation of its bullish structure.

XRP’s price action over the past 24 Hours (Source: CoinMarketCap)

The asset has experienced notable price swings in recent weeks. A mid-November decline pushed ETH toward the $3,400 mark before stabilizing. Current trading shows the cryptocurrency hovering near $3,564, with modest daily losses as market participants monitor critical support and resistance zones.

The $3,000 level has emerged as the most significant support area for Ethereum’s current market structure. Technical analysts consistently highlight this price point as the foundation for any potential upward movement. A sustained hold above this threshold could enable ETH to target the $4,300 region in the coming weeks.

Recent price action suggests a range-bound consolidation rather than a bearish breakdown. The cryptocurrency has been trading between $3,348 and $3,700, with multiple tests of these boundaries. Market observers describe the current pullback as healthy within the context of the broader uptrend that began when Ethereum bounced from $2,800 earlier in 2025.

The $3,700 zone presents immediate resistance. This level, which previously provided reliable support, has now become a barrier. Ethereum’s Bitfinex chart shows at least three bounces from this horizontal band since late October. A decisive break above this level, accompanied by strong volume, could signal renewed bullish momentum.

On-chain data reveals significant accumulation by large wallet holders despite recent price weakness. One verified whale purchased 75,418 ETH worth approximately $269 million through Binance in just 12 hours. This acquisition increased the wallet’s total holdings to roughly 266,901 ETH, valued at $949 million.

The accumulation trend extends beyond isolated transactions. Throughout November, whale addresses acquired over $1.37 billion worth of ETH even as prices declined approximately 12%. This pattern typically signals that sophisticated investors view current price levels as attractive entry points.

Market analysts note that such behavior often establishes soft price floors. While not guaranteeing immediate upward movement, substantial whale accumulation suggests that well-capitalized participants do not consider current valuations excessive.

Short-term technical analysis identifies a support band between $3,520 and $3,348. Traders have also noted concentrated long liquidation leverage stacked between $3,507 and $3,460. A decline into this zone could trigger sharp price movements as leveraged positions get liquidated.

Immediate resistance levels sit at $3,631, $3,665, and $3,707. Breaking through these barriers would improve the probability of a sustained rebound, particularly if Bitcoin maintains upward momentum simultaneously. Bitcoin’s price action continues to significantly influence Ethereum’s directional moves.

Elliott Wave analysis from market technicians suggests Ethereum may be completing a corrective wave pattern. This structure could set the stage for renewed bullish momentum once the correction finishes.