Ethereum is trading around $2,900, with a 24-hour volume above $22 billion, based on data from CoinGecko. The asset has dropped about 6% over the past week but is slightly up over the last day.
Market attention is now on whether it can hold its recent support and continue higher.
ETH recently bounced from the $2,600 level, which marks the 0.5 Fibonacci retracement from its previous major move, as per analyst Crypto Patel. That line now acts as a strong support and also overlaps with a filled fair value gap, giving it added technical weight. The price has since moved above $2,900, staying well above the support zone.
Crypto Patel noted that if this structure holds, there is room for Ethereum to target new highs. However, if the asset breaks below $2,620, he suggests the market could drop toward the $2,256–$1,821 range before any larger rally begins. He wrote,
“Big dips = Big accumulation discounts. Stay strategic, not emotional.”
Moreover, Ethereum faced rejection near the $2,950–$3,000 zone, according to market analyst Ted. He stated,
“Until Ethereum reclaims this level, the chances of a new low are high.”
This price area remains a key resistance level and has rejected multiple breakout attempts over the past month. Ted added that a clean break above $3,000, with strong volume, could open the door for a move toward $3,400. Some analysts are watching this zone, as it played a key role in the previous cycle.
Meanwhile, a drop to around $2,800 has brought ETH back to an area seen by some as a potential entry zone. Analysts see a path toward $9,000–$10,000 if the current structure stays intact.
The MVRV Z-Score, which compares ETH’s market value to its realized value, is currently at 0.29. In past cycles, values below zero have marked some of the best long-term entry points.
Ali Martinez noted that since 2016, each time the MVRV Z-Score fell below zero, Ethereum entered an accumulation phase followed by a price recovery. This pattern appeared in late 2018, early 2020, mid-2022, and early 2023. Although the score hasn’t dropped below zero yet, it is approaching a range where long-term buyers have previously entered the market.
Since 2016, the best times to accumulate Ethereum $ETH have come when the MVRV Z-Score drops below 0.
It’s now at 0.29. pic.twitter.com/HVyGxE8bQF
— Ali (@ali_charts) November 26, 2025
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