Overview
- ETH is hovering around the $2,900–$3,100 support zone after a roughly 20–24% monthly slide, with the 200‑week moving average still acting as long‑term support.
- Technicians flag a bullish divergence and an ascending‑triangle setup that could open a move toward $3,425–$3,650 if buying volume confirms.
- Binance’s Estimated Leverage Ratio hit a record while roughly 509,900 ETH moved into the exchange, increasing the risk of liquidation cascades.
- Market participation has thinned, with spot volume down about 30% and futures activity softer, leaving price below key moving averages and the near‑term trend negative.
- Institutional signals have weakened as spot Bitcoin ETFs logged nearly $3 billion in outflows this month and options desks price ~50% odds of BTC ending 2025 below $90,000, even as Standard Chartered argues the sell‑off is largely done.