Here is a technical analysis of ETH/USDT on the daily timeframe:
Chart Technical Analysis
Current Price: $2,920–$2,930 (ETH/USDT)
Trend Structure: Price has been consolidating within a tightening range, forming a short-term ascending trendline support from mid-December lows, while being capped by a descending resistance trendline from the September–October highs. The broader trend remains bearish.
Moving Averages: Price continues to trade below key EMAs (50, 100, 200), indicating that bearish intermediate momentum is intact.
Volume has also been declining, reflecting lower participation and reduced conviction into year-end.
Key Support & Resistance Levels
Support Levels
S1: $2,900 — short-term support near the current horizontal base
S2: $2,750 — lower trendline / swing-low region
Resistance Levels
R1: $3,100 — minor EMA confluence + short-term range top
R2: $3,370 — significant supply zone (currently above 200 EMA)
A breakout above R1 with strong volume could open the move toward R2, while a breakdown below S1 increases the likelihood of a slide toward S2.
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Probable Breakout / Breakdown Scenarios
Bullish Case
A reclaim and sustained close above $3,100–$3,150 could trigger a short squeeze toward $3,300–$3,370.
Bearish Case
Failure to hold $2,900 may weaken the structure, exposing the price to $2,750 or lower.
At the time of writing, ETH was trading at $2,928.
Summary:
Ethereum remains in a tight consolidation zone, facing descending resistance while holding above critical support. A breakout above $3,100 could open room toward $3,370, whereas a drop below $2,900 may accelerate downside toward $2,750. Market sentiment, liquidity conditions, and volume will guide price direction into early 2026. Watching EMA interactions and volume spikes will be key for identifying trend reversals.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,600 | $2,800 | ETH | $3,600 | $3,900 |
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