Ethereum price prediction: ETH holds near $2,900 as downside pressure eases

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Ethereum price update

Highlights

Ethereum trades near $2,900 after a prolonged slide from October highs.
Price remains below the full EMA stack, with resistance layered from $3,030 to $3,400.
Flows and derivatives data suggest compression rather than capitulation.

The market is no longer selling off with urgency. Instead, price action has shifted into a grinding decline, a behavior that often appears as corrections mature rather than when fresh breakdowns begin.

Bearish structure defines the higher-timeframe trend

On the daily chart, Ethereum’s technical structure has clearly turned against bulls. Price is trading below the entire EMA stack, with the 20-day EMA near $3,030, the 50-day around $3,217, and the 100 and 200-day averages clustered just above $3,400. This downward alignment confirms that the broader trend has flipped bearish and explains why recovery attempts over the past month have failed quickly.

Ethereum price dynamics (Source: TradingView)

The rejection from the $3,400 to $3,600 zone in October was a decisive technical event. That failure broke the prior higher-high structure and marked a transition from trend expansion into a controlled but persistent decline. Since then, Ethereum has carved a series of lower highs while gradually drifting toward the $2,800 to $2,900 region, an area that previously acted as a consolidation base earlier in the year.

Momentum indicators reinforce the view of pressure without panic. Daily RSI is holding in the low-to-mid 40s, reflecting sustained weakness but stopping short of deeply oversold conditions. Earlier selloffs in 2025 were marked by sharper momentum compression and faster rebounds. The current RSI profile is flatter, suggesting sellers remain in control but are no longer accelerating their push. This behavior is often associated with range formation rather than immediate continuation lower.

Intraday stabilization hints at compression

Lower-timeframe charts highlight the evolving character of the move. On the 30-minute chart, Ethereum recently flushed toward the $2,780 to $2,820 zone before rebounding toward $2,950. Supertrend has flipped marginally supportive near $2,857, and Parabolic SAR has moved beneath price, indicating that immediate downside pressure has eased.

However, the rebound has struggled to gain traction. Price remains capped beneath the $2,980 to $3,020 region, which now acts as short-term resistance after serving as support during earlier phases of the decline. Until ETH can reclaim and hold above this band, intraday strength should be viewed as stabilization rather than trend repair. The lack of impulsive follow-through on rebounds underscores the cautious tone among short-term participants.

Flows and derivatives show digestion, not accumulation

Spot flow data continues to lean negative. Ethereum has recorded persistent net outflows over recent months, and while the magnitude of daily outflows has moderated, there is still no clear evidence of sustained accumulation. In prior bullish phases, ETH advances were supported by consistent inflows that absorbed sell-side pressure. That confirmation is currently absent, reinforcing the view that the market is still digesting supply rather than building a new upside leg.

Derivatives positioning adds complexity. Trading volume has expanded alongside rising open interest, suggesting renewed participation rather than disengagement. Long-short ratios show a mild long bias, particularly among top traders, yet liquidation data reveals that recent volatility has punished both sides, with notable long liquidations over the past 12 and 24 hours. This two-sided stress is typical when markets enter consolidation after a sustained directional move, as traders position early for a turn without structural confirmation.

From a technical standpoint, Ethereum remains vulnerable as long as it trades below the descending EMA band. The $2,800 to $2,900 zone now represents a key area where selling pressure has slowed, but a decisive break below it would expose deeper downside toward the mid-$2,600s. On the upside, the $3,100 to $3,200 region is the first meaningful threshold bulls would need to reclaim to signal that downside control is weakening.

Market outlook

Ethereum remains in a bearish corrective regime, but the character of price action is changing. The market is no longer collapsing. Instead, it is compressing near a zone that has historically attracted demand. A daily close back above $3,200 would mark the first credible signal that sellers are losing control and that consolidation could resolve higher. Until then, rallies are likely to face supply rather than sustained demand.

Previously, Ethereum was flagged as structurally vulnerable after repeated failures to reclaim key moving averages and persistent spot outflows. The current price behavior aligns with that assessment. Momentum is cooling, but confirmation of a durable base has yet to emerge, keeping the broader outlook cautious.

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