Bulls Defend $3.2K Support Amid $3.7K Ethereum Price Prediction

Bulls Defend $3.2K Support Amid $3.7K ETH Target

Ethereum (ETH) is showing early signs of strength after weeks of downside pressure. The asset has bounced off the $3,200 zone, a level that traders are now watching closely as a critical pivot. Analysts suggest that if momentum sustains, ETH could rally towards the $3,700 resistance before coming under renewed selling pressure. Ethereum Price Prediction points to both short-term recovery potential as well as caution in the mid-term, as bulls try to regain control in the markets.

Buyers Hold the Line at $3,200 Support

The most recent chart from market analyst TedPillows shows ETH bouncing off the $3,200 zone after testing the lower range. The demand zones between $3,160 and $3,340 have historically been the levels that have attracted accumulation, suggesting that buyers are once again defending this level. Ted suggests that the current rebound could still be a relief move rather than a confirmed reversal.

ETHUSD 1D CHART | SOURCE: X

Additionally, resistance is still within $3,670 and $3,820, which turned to support on the recent breakdown. A strong breakout above these levels with rising volume would affirm renewed bullish momentum. Until then, Ethereum remains within a delicate structure with the possibility of short pullbacks before continuations. If ETH manages to break over $3,700, it could strengthen confidence in Ethereum price prediction significantly.

Bears Keep Pressure Below $3,800

Moreover, analyst Alejandro_XBT highlighted a cautious view. The chart shows ETH's continuing series of lower highs and lower lows, indicating prolonged downward momentum. The range of $3,400-$3,800 has now become a firm supply zone in which sellers repeatedly reject recovery attempts. Alejandro noted that failure to reclaim $3,800 could result in another leg down to the $2,000 liquidity pocket.

ETHUSD 12H CHART | SOURCE: X

This $2,000 level is in line with a large accumulation zone observed during the summer rally, making it a possible long-term support if the decline persists. Until ETH breaks through the structure and closes above mid-range resistance, traders should be wary of short-lived rallies that act as bull traps. For now, bearish control is still evident, despite short-term optimism piling up around this Ethereum price prediction scenario.

Liquidity Hints at Short-Term Upside

A second chart from TedPillows uses a liquidity heatmap to track where large buy and sell orders are clustered. Heavy bid liquidity between $3,200 and $3,350 indicates strong demand, while thin liquidity above $3,500 opens up the possibility of a fast move higher. Ted recommends that ETH might be able to short-term tap into the $3,500-3,700 range to gather upside liquidity, then reverse to reset momentum again.

ETH Liquidity Heatmap | Source: X

A correction from those levels could mean renewed accumulation around $3,350, which could help set up the base for an even more sustainable push higher. Overall, liquid behavior is supportive of a short-term bullish bias but reinforcing for mid-term traders. As the token consolidates above the key support, Ethereum price prediction indicates that the next decisive move could likely make the early trend heading into 2025.