Sharp Rejection At Key Fibonacci Level Puts ETH Back On Defense

Ethereum price today trades near $3,195 after a heavy rejection at the $3,350 zone, where multiple resistance layers converged. The pullback has forced ETH back into a tight range as outflows spike again and buyers try to defend a rising trendline that has supported price since last week.

Outflows Surge As Traders Reduce Exposure

ETH recorded more than $112 million in net outflows on December 11, according to Coinglass. The outflows continue a pattern that has built for months, with large red prints dominating the board across both October and November.

Heavy outflows at a major resistance rejection often mean buyers are not willing to chase breakouts. That is what played out here. ETH approached a technical turning point, failed to break through, and traders responded by pulling liquidity off exchanges.

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The pressure is intensified by the recent decline in broader market sentiment. With Bitcoin also slowing, large holders remain cautious. Until outflows cool off, any bounce will face resistance before reclaiming the upper bands of the range.

Whale Rotation Adds A Twist To Sentiment

Despite the outflows, on chain data shows an interesting shift. A whale sold $132 million worth of Bitcoin and bought more than $140 million in Ethereum over the past two weeks. This type of rotation usually signals an early attempt to position ahead of a potential trend shift.

While one whale does not change the structure alone, it does add a layer of interest. It shows big money is watching ETH closely at current levels. If price stabilizes, this type of activity can become a foundation for a larger accumulation zone.

Rejection At $3,350 Confirms Strong Multi Layer Resistance

ETH Price Action (Source: TradingView)

The daily chart shows how cleanly price got rejected at the $3,350 area. This zone lined up with:

• The 50 EMA
• The 100 EMA
• The upper Bollinger Band
• The 0.786 Fibonacci retracement

ETH briefly pierced the cluster but got pushed back within hours. The candle printed a long wick, showing clear supply from sellers.

With this rejection, ETH now sits back near the 0.618 level around $3,195, which is acting as short term support. Losing this level exposes $3,084 and then $2,973, matching the 0.5 and 0.382 Fibonacci levels. These are the next demand zones traders watch during pullbacks.

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The Supertrend indicator also remains bearish, hovering above price and confirming the downward pressure that has dominated since November.

Trendline Support Still Holding But Momentum Is Weak

On the 30 minute chart, ETH is clinging to a rising trendline that has been guiding the recent recovery. Price has tapped this line several times today, showing it is an active support level.

Parabolic SAR flipped bearish during the drop and has not reversed yet, signaling momentum remains weak. RSI sits near 34, which leaves ETH close to oversold territory but without a strong reversal signal.

For buyers to regain short term control, ETH must reclaim the $3,240 to $3,260 region where the breakdown began. That area aligns with the underside of the SAR flip and the midpoint of the last push.

If ETH fails to bounce cleanly from the trendline, the next test will be the $3,175 area. A break below that level could accelerate selling toward $3,084.

Outlook. Will Ethereum Go Up?

ETH still has a chance to stabilize if the trendline holds and buyers defend the 0.618 level. A rebound into $3,260 would be the first sign of strength. A follow through above $3,350 would confirm momentum returning.

If ETH drops below $3,175, sellers regain full control and the market shifts into a deeper correction toward the $3,000 area.

A move above $3,350 sets the stage for recovery. A break below $3,175 turns the trend bearish again.

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