Analysts Point to a Key Accumulation Zone for Ethereum

Michaël van de Poppe, founder of MN Trading Capital, commented that Ethereum’s drop was “a little deeper than expected,” yet still sits in what he considers a “great area to accumulate positions.”

ETH has fallen more than 13% over the past week, briefly touching 3,099 dollars on Tuesday before rebounding toward 3,353 dollars at the time of writing. This sharp correction is viewed by some traders as a potential “bear trap,” suggesting downward pressure may be misleading before a possible reversal.

Pseudonymous analyst Ash Crypto also described the structure as resembling a major bear trap and maintained optimism that ETH could reach the 5,000-dollar mark before the end of the year.

Investors Keep Their Eyes on the 5,000 Dollar Target

While November has historically been Bitcoin’s strongest month, Ethereum’s average return during the same period sits at a comparatively modest 5.7%. Even so, market participants anticipate that ETH could revisit the 4,700-dollar zone soon. Just one month ago, on October 7, Ethereum traded near that level.

Crypto trader Gordon argued that the market may be on the verge of a powerful reversal, stating that investors are “about to witness one of the strongest turnarounds ever seen on ETH.”

Meanwhile, other analysts highlight the continued decline in exchange reserves, noting that a tightening supply could create conditions for an upward price move.

Fear Dominates the Market, Yet ETH Sentiment Improves

Ethereum’s price movement toward 3,500 dollars on Thursday sparked a noticeable shift in sentiment across social platforms. Data from Santiment shows that the slight upward move led to a meaningful increase in bullish commentary among traders.

Still, the overall crypto market remains fragile. The Crypto Fear & Greed Index dropped to 24 out of 100 on Friday, signaling “Extreme Fear,” as investors continue to navigate uncertainty.

Even with broader market anxiety, analysts emphasize that ETH’s current range may offer an appealing accumulation opportunity. With sentiment beginning to improve and key indicators showing positive divergence, traders are closely watching how Ethereum will respond in the days ahead.

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