Ethereum Tests $3,000 as Breakout Looms and ETF Outflows Persist

Overview

• ETH briefly reclaimed $3,000 on December 29 before stalling near $3,050 and slipping back below $2,950, keeping the price pinned inside a tightening triangle that traders expect to resolve on a volume‑confirmed move.
• U.S. spot Ethereum ETFs logged continuing withdrawals, including about $32 million in weekly outflows and more than $550 million for December, with additional multi‑day outflows reported late last week.
• On‑chain activity has cooled, with Nansen showing roughly $11.1 million in fees over 30 days, down about 57% year over year, and DeFi Llama reporting DEX volume at $44 billion in December after four straight monthly declines.
• Whale and staking behavior has turned supportive, with Santiment tracking nearly 300,000 ETH added to large wallets and fresh exchange withdrawals such as a 2,218 ETH pull from Kraken, alongside sizable batch deposits tied to staking.
• Analysts map key levels at roughly $2,800–$2,680 on the downside and $3,200–$3,360 on initial upside, with higher targets into the mid‑$3,000s to $4,000+ only considered on a decisive breakout with expanding volume.