Overview
- ETH hovered in the low $2,900s after failing to hold the $3,000 pivot, trading below the 100-hour simple moving average with a break of an intraday channel near $2,980.
- Chart watchers highlight a developing head-and-shoulders setup that could, if confirmed, open downside toward roughly $2,400.
- EMA crossovers and declining daily moving averages keep the bias lower, with analysts watching support zones around $2,700 to $2,500.
- Arkham-linked data shows Bitmine purchased 29,462 ETH (about $88.1 million) from BitGo and Kraken-associated wallets, lifting its holdings to roughly 7.79 million ETH.
- Volume stays subdued during the holiday period, and ETH remains down about 37%–40% from August peaks, weakening the conviction behind rebound attempts.