Weekly forecast: Ethereum holds $2,900 support but remains vulnerable to liquidations
Just days before the New Year, Ethereum is trading around $2,946, losing 1% over the week. After declining in October and November, ETH managed to recover above $3,400, but the momentum proved insufficient, and the leading altcoin has once again fallen below the psychological $3,000 mark, currently defending a strong support zone at $2,900–$2,940, where buyers previously prevented deeper declines.
The next important support level, according to AMBCrypto, is $2,796, which corresponds to the acquisition cost of ETH for large long-term holders (LTH).
This category of investors benefited from Ethereum’s autumn pullback and, since November 21, has accumulated 4.8 million ETH, representing 4% of the total circulating supply, increasing their holdings to 27.2 million ETH. At present, these major holders are sitting on approximately $4.8 billion in unrealized profit.
However, substantial volumes of cryptocurrency were purchased using leverage, as indicated by Ethereum’s Estimated Leverage Ratio (ELR), which has reached a six-month high of 2.964. With leverage increasing, weak capital inflows, and the absence of a macroeconomic catalyst, the risk of capitulation among large investors remains high, leaving Ethereum vulnerable to another cascade of liquidations.
Outlook for next week
Most likely, ETH will remain in the $2,900–$3,050 range, consolidating near current levels. This scenario is supported by a neutral RSI, a MACD without a clear trend signal, and price stabilization near key support.
Ethereum daily chart. Source: TradingView
If ETF outflows intensify and buyer momentum weakens, RSI could slip into oversold territory, potentially pushing ETH down to $2,800 and further toward $2,700. However, long-term holders are expected to defend their positions.
On the other hand, favorable macroeconomic news and rising expectations of a Fed rate cut in January could drive ETH above $3,015–$3,050, opening the path toward $3,200.
As we wrote, Ethereum price prediction: ETH stabilizes near $2,975 after weeks of correction
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