Ethereum (ETH) is facing significant headwinds in its attempt to reclaim the $3,000 psychological and technical barrier, following a sharp 6% price decline over the past 24 hours that pushed its value to around $2,805. This downward pressure is exacerbated by data showing that long-term holders (LTHs), particularly those holding for 2 to 3 years, have been actively selling their assets since early November.
According to Glassnode's HODL Waves metrics, the supply controlled by this cohort dropped from 8.51% to 7.33% of the circulating supply, indicating a meaningful reduction as these stable participants cash out to offset losses. This selling has created a supply gap that new investors must fill for ETH to regain upward momentum.
On a positive note, Ethereum is witnessing a surge in new demand, with the number of new addresses on the network jumping 13.4% in the past week, from 141,650 to 160,690—the strongest weekly increase in over two and a half months. However, sustaining this growth is crucial to counterbalance the absence of LTH support.
Technically, analysts are highlighting key patterns that could dictate Ethereum's future trajectory. A falling wedge formation on the 12-hour chart, identified by analyst Don, suggests a potential bullish reversal if ETH breaks above the upper trendline, with a target near $4,500. Additionally, a weekly inverse head-and-shoulders pattern, noted by Bitcoinsensus, points to a larger trend shift with a neckline at approximately $4,800 and a measured move target around $7,600 upon a confirmed breakout.
Current price action shows ETH testing resistance levels near $2,850, with immediate hurdles at $2,814 and $3,000. Support is seen around $2,700 to $2,800. Market behavior indicates that whales are holding steady near the realized price, while open interest in ETH futures has increased, signaling renewed positioning amid the consolidation.
