According to Bitjie, Ethereum (ETH) price is currently hovering around $2,930 as buyers struggle to regain control after weeks of institutional selling. The market remains in consolidation following a sharp November decline, with price still below key moving averages. ETF outflows continue to weigh on demand, with Ethereum spot ETFs recording a net outflow of $853.9 million since December 11. On December 27, $16.6 million was redeemed from Grayscale’s ETHE fund, while BlackRock’s ETHA fund led the recent outflow. The lack of institutional participation weakens the potential for a sustained rally. ETH is also facing resistance from a descending trendline and a cluster of EMAs, with the 20-day and 50-day averages at $2,988 and $3,146, respectively. The 0.382 Fibonacci retracement level near $3,000 has repeatedly failed to hold, and the 0.236 level at $2,850 is now a key support. Derivatives data shows a reduction in open interest and leverage, with no clear directional bias emerging.
Ethereum Price Struggles Below $3,000 Amid ETF Outflows and Technical Resistance
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Summary
Ethereum price today is trading near $2,930 as buyers fail to push above key resistance. Institutional selling has kept ETH below major moving averages, with ETF outflows reaching $853.9 million since mid-December. Grayscale’s ETHE saw $16.6 million in redemptions on December 27, while BlackRock’s ETHA led the exodus. Ethereum news shows price struggling against a descending trendline and clustered EMAs, with the 20-day and 50-day averages at $2,988 and $3,146. The $3,000 level has repeatedly failed, and support now rests near $2,850. Open interest and leverage have declined, leaving the market directionless.
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