Ethereum price today trades near $2,960 after another rejection from descending trendline resistance. The move keeps ETH pinned below key technical levels as sellers continue to defend rallies.
Descending Trendline Keeps Daily Structure Bearish
ETH Price Action (Source: TradingView)
On the daily chart, Ethereum remains trapped beneath a downward-sloping trendline that has capped price since October. Each recovery attempt has failed below this level, preserving the sequence of lower highs. The most recent bounce stalled near $3,200, well below the trendline and the Supertrend.
The Supertrend sits near $3,382, far above current price, confirming that the broader trend has not reset. ETH also remains below the prior breakdown zone between $3,300 and $3,400, which now acts as overhead supply rather than support. As long as price trades below this band, upside attempts remain corrective within a larger bearish structure.
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The Chaikin Money Flow on the daily chart sits near –0.16, showing sustained net outflows. This reading confirms that capital has not rotated back into ETH despite recent stabilization attempts.
Short-Term Charts Show Compression Near Support
ETH Short-Term Price Action (Source: TradingView)
On the 30-minute chart, ETH is consolidating just above $2,950, where buyers have repeatedly stepped in over the past several sessions. Price is forming a tightening range between a falling trendline and a flat support base, signaling compression rather than expansion.
RSI on the intraday timeframe sits near 33, holding below the neutral 50 level. Momentum has failed to recover during recent rebounds, limiting the strength of each push higher. Previous RSI bounces have stalled quickly, keeping sellers in control.
Parabolic SAR dots remain above price on lower timeframes, reinforcing short-term downside pressure. Until these indicators flip, ETH lacks confirmation for a sustained move higher.
Spot Flows Continue To Pressure Price
ETH Netflows (Source: Coinglass)
Ethereum recorded $37.7 million in net outflows in the latest session according to Coinglass, extending a pattern of distribution that has persisted through December.
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Historically, ETH has required multi-day inflow streaks to reclaim trendlines and EMA clusters. That condition has not appeared yet. Without a shift in spot demand, rallies remain vulnerable to rejection.
Treasury Accumulation Builds Beneath The Surface
While spot flows remain weak, long-term accumulation continues through corporate treasuries. Bitmine Immersion Technologies disclosed that it now holds 4.066 million ETH, representing 3.37% of total ETH supply. The company added nearly 98,900 ETH in the past week, pushing holdings beyond the four-million mark.
Bitmine’s crypto and cash holdings now total $13.2 billion, making it the largest Ethereum treasury in the world. The firm has publicly stated its goal of acquiring 5% of total ETH supply, positioning itself as a long-term holder rather than a short-term trader.
This accumulation provides structural demand but has not yet translated into near-term price strength. Treasury buying absorbs supply over time, but it does not prevent short-term selling when broader market flows remain negative.
Outlook. Will Ethereum Go Up?
Ethereum remains below trend resistance, with spot flows still negative and momentum indicators unresponsive.
- Bullish case: A sustained move above $3,100, followed by acceptance above $3,380, would break the descending trendline and flip the Supertrend. That shift would reopen upside toward $3,700.
- Bearish case: Failure to hold $2,900 confirms continuation within the downtrend and exposes $2,700 as the next downside target.
Until ETH reclaims resistance with improving flows, price action favors range compression over trend reversal.
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