Ethereum (ETH) is navigating a period of low volatility and consolidation, trading within a narrow band between $2,700 and $3,000. Market analysts describe this as a "no trading zone," where short-term price movement is limited. This environment is attributed to seasonal liquidity dips, with daily trading volumes dropping over 20% from weekly averages and ETH options implied volatility falling more than 10%.
Despite the price stagnation, on-chain data reveals significant accumulation by large holders. According to AliCharts, addresses holding between 10,000 and 100,000 ETH added roughly 220,000 ETH (approximately $660 million) in the week leading up to December 25, 2025. Whale holdings increased from 13.74 million ETH to 14.10 million ETH during this period, signaling strong buying interest near the $2,940 price level.
Simultaneously, Ethereum network activity is surging. Analyst Ali Martinez reported that daily active Ethereum addresses nearly doubled in under three weeks, rising from around 496,000 on December 8 to over 800,000 by December 25. Data from YCharts supports this trend, showing a jump from 521,000 to over 701,000 addresses between December 21 and 22.
Technical analysis highlights key levels to watch for a breakout. Crypto commentator Ted (@TedPillows) and analyst Crypto Laurisa (@CryptoLaurisa) note that for volatility to return, ETH must either sustainably reclaim the $3,000 resistance level or find a strong bounce from the $2,700–$2,800 demand zone. A break below the critical $2,798 support could expose ETH to a deeper move toward $2,680.
Institutional flows present a mixed picture. Ethereum ETFs have recorded nearly two weeks of net outflows, contributing to resistance near $3,000. However, this is partly attributed to routine year-end rebalancing. Conversely, on-chain metrics show Ethereum's HODLer Net Position Change reached its highest outflow level in five months, indicating long-term holders are reducing sell-side pressure, which could lead to price stabilization.
At press time, Ethereum was trading around $2,951, up 0.47% in the last 24 hours. The market awaits a return of broader liquidity and participation post-holiday to determine the next decisive trend.
