Ethereum hovered around the $2,900 level as traders weighed various technical signals, derivative positioning, and long-term accumulation trends. The asset entered a consolidation phase after sharply rejecting the $3,400-$3,450 zone earlier this month.
This rejection changed the short-term structure and forced market participants to reassess their short-term direction. Despite Ethereum's recent downturn, it continued to attract the attention of institutional investors and long-term holders, maintaining broad market interest.
Ethereum’s price structure is warning
Ethereum traded around $2,930 while struggling to regain a key technical level on the 4-hour chart. Price action remains constrained below the 50, 100, and 200 exponential moving averages centered around $3,050 to $3,160.
ETH price dynamics (Source: Trading View)
As a result, this zone acted as a dynamic resistance and limited upside attempts. Furthermore, the recent rally failed to regain the 0.618 Fibonacci level near $3,135, reinforcing seller control.
Recent trading has shown volatility reducing and heading towards a range-bound environment. In addition to that, lower highs have formed since the December peak and the broader bias has shifted from bullish to neutral.
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Immediate support was located near $2,900, while deeper levels were located near $2,875 and $2,820. Therefore, a continued decline below these zones could reveal a larger move towards $2,620.
Futures and spot data reflect measured risk
Ethereum futures open interest provided insight into trader behavior during the consolidation. According to the data, ETH is trading around $2,960 with open interest of nearly $39 billion. Importantly, this followed a contraction from previous peaks that coincided with regional price highs. This pattern suggested deleveraging rather than aggressive bearish positioning.
Additionally, spot trading flows continued to favor outflows over inflows. Red bars dominated most sessions, reflecting continued withdrawals from centralized exchanges.
Furthermore, intermittent spikes in capital inflows appeared during short-term price increases, indicating limited profit taking. The latest transaction recorded a net outflow of nearly $76 million, reinforcing expectations that liquid supplies will decline.
Institutional accumulation adds a long-term perspective
The company's accumulation trend has given rise to long-term confidence. BitMine Immersion Technologies recently added over 102,000 ETH to its treasury, increasing its total holdings to nearly 4 million tokens. As a result, the company controlled more than 3% of Ethereum's total supply. This move follows a previously announced $70 million Ethereum purchase.
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BitMine provided its latest holdings update on December 15, 2025.$13.2 billion in cryptocurrencies and “moonshots”:
-3,967,210 ETH ($3,074 per ETH) (@coinbase)
– 193 Bitcoin (BTC)
– $38 million in Eightco Holdings (NASDAQ: ORBS) stock (“Moonshot”) and
– Total cash amount $1.0…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 15, 2025
However, Bitmine's stock price has fallen sharply in recent months, reflecting execution risks and market skepticism. Nevertheless, the company continued to prepare the MAVAN staking platform with the goal of rolling it out in 2026. Management projected potential annual revenue from staking operations to be close to $400 million.
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Technical Outlook for Ethereum Price as Key Levels Tighten
Ethereum price continues to compress within a well-defined range, with both upside and downside levels in focus as volatility increases. ETH is trading below the major moving averages and the short-term structure remains neutral with a bearish trend. Therefore, the price reaction around nearby resistance and support zones could determine the next direction.
Top level: Immediate resistance lies between $3,045 and $3,095, with the EMA cluster capping the price. A sustained move above $3,135 could change momentum and push towards $3,275-$3,300. Acceptance above $3,300 increases the likelihood that the $3,400-$3,450 supply zone will be retested.
Lower price level: Initial support ranges from $2,935 to $2,900. The breakdown below this area reveals $2,875, followed by $2,820. Failure to sustain these levels could accelerate losses towards the $2,620 macro support.
Upper limit of resistance: The $3,045 to $3,135 zone remains a key area for a near-term bullish recovery. If rejected here, the range of ETH will be limited.
Will Ethereum go up?
The outlook for Ethereum price depends on whether buyers can defend the $2,900 area while challenging the $3,045-$3,135 resistance band. Technical compression signals more volatility ahead.
If momentum improves with increased participation, ETH could rise above $3,275 again. However, a loss of $2,875 would weaken the structure and increase downside risk. For now, Ethereum remains at a critical inflection point.
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