Overview
- ETH fell through the $3,000 area with an hourly break below a rising channel and is trading under the 100-hour simple moving average, with the MACD bearish and the RSI below 50.
- Near-term resistance stands around $2,980–$3,000 with additional hurdles at $3,050 and $3,120, while supports are clustered near $2,880, $2,845, $2,800 and $2,775.
- Arkham-tracked flows reported by Bitcoinist indicate Bitmine purchased 29,462 ETH from wallets linked to BitGo and Kraken, lifting its reported holdings to about 7.79 million ETH valued near $11.2 billion.
- Market context remains fragile as analysts note Ethereum is roughly 40% below its August peak, daily moving averages have rolled over, and rebound attempts have lacked conviction.
- Some chart watchers warn a developing head-and-shoulders setup could open downside toward $2,400 if the $2,700–$2,800 zone fails, a view presented as a risk rather than a certainty.