Time to Buy Ethereum (ETH)? Key Support Zone Tested

Ethereum tests key support near $3,700 and 0.0325 BTC. Analysts eye bounce potential as futures hit record highs and exchange supply drops.

Ethereum is trading near key levels that some analysts see as favorable for long-term positioning.

Consequently, market focus is on how price behaves around current support zones as trading volumes remain steady.

ETH at Weekly Support Level

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

Recently, Ethereum pulled back after reaching a local high during its most recent rally. Despite the pullback, the chart still shows higher lows and higher highs. RSI is holding above 50, and volume has not shown any major change. Suggesting this decline may be temporary if support holds, Van de Poppe also commented,

“Corrections don’t last forever.”

Support Holds on USD Pair

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

Analyst Lennaert Snyder said,

“$ETH bounced from the $3,700 rangelow. “I’m eyeing ~$3,937 for shorts after failure and longs after the gain.”

Structurally, a symmetrical triangle has formed on the ETH/USDT chart. The asset is now close to the lower boundary of the pattern. A breakdown would suggest more selling, while a bounce could keep ETH in range.

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$ETH is so close to breaking down…

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

— Mister Crypto (@misterrcrypto) October 31, 2025

Traders are watching the pattern for direction as the range narrows.

Exchange Flows and Futures Activity

As reported by CryptoPotato, more than 200,000 ETH were withdrawn from exchanges over a 48-hour period earlier this week. This movement likely reduced short-term selling pressure, but there’s also the possibility that it was an internal shuffle 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 across expiries from one to six months. This trend shows increased institutional interest in Ethereum through regulated markets.