Ethereum Could Crash To $3,700, Analysts Say: What’s Next From There?

Ethereum and the general crypto market appear to be entering a cooling phase after recent highs. ETH has traded mostly flat, holding around the $3,900 mark as traders assess mixed signals from exchange flows and ETF data.

During writing, Ethereum was up 0.7% at $3,874, with daily trading volume near $41 billion. Over the past month, ETH has fallen roughly 7%, dropping from a peak of $4,755 to a low of $3,460.

Institutional Interest Still Present Despite Pullback

Even though the market has cooled, corporate and whale activity remains encouraging. The latest updates from Lookonchain show that large investors are still buying dips.

Data from October 22 revealed that two wallets tied to Bitmine accumulated 45,814 ETH worth about $184 million from Falcon X. This shows confidence from corporate buyers who view lower prices as accumulation opportunities.

Institutional interest in ETH has been strong lately | source: X

Whale wallets are also moving funds away from exchanges. One large wallet identified as “0x86Ed” withdrew 8,491 ETH (about $32.5 million) from OKX. This is a move that is typically seen as bullish since it shows long-term holding.

These actions show steady conviction among major players. While short-term sentiment may fluctuate, long-term holders seem to be confident in Ethereum’s value.

Analysts Eye $3,700 as Key Level to Watch

Market analysts remain cautious about the next move. Popular analyst Ali Martinez believes that Ethereum could revisit the $3,700 level soon. He pointed at $3,830 as an important support zone that ETH must defend to avoid deeper losses.

Another analyst, TedPillows, has a similar view. He noted recently that Ethereum needs to break through $4,100 to confirm a bullish reversal. If ETH manages to reclaim that level, he sees a possible move toward $4,800 in the short term.

Analyst says that ETH needs to close above $4,100 to confirm a bullish reversal | source: X

For now, ETH continues to trade within a narrow band between $3,700 and $4,100. A breakout on either side will likely define its near-term trend.

Wyckoff Re-Accumulation Pattern Signals Smart-Money Activity

Several chart analysts also believe Ethereum’s current behaviour fits the Wyckoff re-accumulation pattern. This century-old trading model describes how large investors accumulate assets quietly during periods of low volatility before driving prices higher.

Crypto analyst Ash Crypto posted on X that “Ethereum Wyckoff re-accumulation is happening right now. $8,000–$10,000 ETH is still possible this cycle.” His chart places ETH in the “Test” phase, a stage that often precedes a strong breakout.

Analyst says Wyckoff reaccumulation is ongoing | source: X

If the pattern holds, Ethereum could be preparing for a new markup phase similar to the rally seen in 2021, when it jumped from $1,400 to $4,800. 

ETH’s three-day chart currently shows similar structural characteristics, reinforcing the idea that large investors are quietly building positions.

Technical Signals Point to Consolidation

From a technical view, Ethereum currently seems stable but indecisive. The cryptocurrency has an aura of balance, with the RSI at 46.2. This shows neither strong buying nor selling pressure.

Short-term moving averages like the 10-day EMA and SMA hover near $3,900, showing local support. However, the 20D and 50D averages still lean bearish. This confirms that ETH is consolidating rather than trending.

The 200-day EMA remains well below current levels at around $3,577, which means that the long-term uptrend is intact. 

If ETH holds above $3,900 and breaks $4,100 with rising volume, the next upside targets sit around $4,500 to $4,800. Conversely, a drop below $3,700 could open the door to $3,400 or $3,000.