Key Moments
- Ethereum (ETH) is trading at $2,975, down 1.2% over 24 hours, while testing support near $2,912 and resistance just above $3,000.
- The 0.236 Fibonacci retracement at $2,934.93 is acting as critical support, with potential upside targets at $3,032 and $3,111 if resistance breaks.
- Ethereum’s validator entry queue has surpassed the exit queue for the first time in six months, coinciding with continued institutional accumulation, including BitMine’s 44,463 ETH purchase.
Price Action and Short-Term Performance
Ethereum is trading at $2,975, reflecting a 1.2% decline over the last 24 hours as the price tests an important support zone around $2,912. On the upside, sellers are positioned just above the $3,000 level, which is acting as initial resistance.
Recent price performance has been subdued. Over the past week, ETH has gained 0.4%, and over the last 14 days, it is up 1.7%. These modest advances suggest that short-term bullish momentum has been slowing, even as longer-term fundamentals remain constructive.
Technical Levels: Critical Fibonacci Support
From a technical perspective, Ethereum is probing the 0.236 Fibonacci retracement level at $2,934.93. The next notable resistance band is located near the 0.382 Fibonacci level at $3,032. A decisive move above $3,032 could clear the way for ETH to challenge the 0.5 Fibonacci level at $3,111, which would point to a possible continuation of the recent uptrend.
On the downside, the 0.236 Fibonacci retracement at $2,934 is acting as a pivotal support level. Ethereum needs to close above this zone to preserve its current structure. A failure to hold this support on a closing basis could see the price sliding toward the $2,700-$2,800 range.
| Level | Price | Role |
|---|---|---|
| 0.236 Fibonacci | $2,934.93 | Key support |
| 0.382 Fibonacci | $3,032 | Immediate resistance |
| 0.5 Fibonacci | $3,111 | Next upside target if resistance breaks |
Momentum indicators are tilting positive. The Stochastic RSI is in overbought territory at 82.97, highlighting strong buying interest. At the same time, caution is warranted, as the blue line has reached the overbought region. In the near term, whether ETH can secure closes above support and push through resistance will determine the next directional move.
On-Chain Signals: Validator Dynamics and Staking Interest
Beyond price action, network metrics are offering supportive signals. Abdul, Head of DeFi at Monad, noted that for the first time in six months, the Ethereum validator entry queue has exceeded the exit queue. This change points to renewed demand for validator participation and growing confidence in Ethereum’s longer-term outlook.
This development mirrors conditions seen in June, when a similar shift in validator dynamics was followed by a strong rally, during which ETH doubled shortly afterward.
Institutional Positioning and Accumulation
Institutional interest in Ethereum continues to show resilience. Even during the holiday period, significant buying activity has been observed. Last week, BitMine purchased 44,463 ETH, lifting its total Ethereum holdings to 4.11 million ETH. Combined with the uptick in staking entries, this accumulation underscores persistent institutional confidence in the network, despite the recent moderation in price momentum.
Disclaimer
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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