Ethereum is trading around $2,930–$2,950 per ETH-USD, with a market cap near $354 billion and circulating supply of about 120.7 million ETH, while 24-hour volume sits around $12.2 billion. Price is still roughly 40% below the all-time high at $4,953.73 from August 2025, even as the network runs at record capacity. Seven-day average transaction count on Ethereum hit a record near 1.73 million on December 24, 2025, at the same time ETH-USD consolidated around $2,930–$2,945. The network today processes more transactions than during prior bull market peaks, and this is a sustained regime, not a one-day spike; activity comes from DeFi, stablecoin transfers, layer-2 settlement and broader dApp flows, not only speculative leverage, resulting in a fundamental divergence: real usage and demand for block space are at all-time highs while ETH-USD trades in a mid-range band under $3,000.
On the daily chart, ETH-USD is capped in a narrow band between roughly $2,900 and $2,980, with the round $3,000 level acting as a psychological ceiling. Above price, the 20-day EMA sits near $2,988, the 50-day EMA around $3,146, the 100-day EMA near $3,358 and the 200-day EMA around $3,382, all packed into a tight resistance zone. A descending trendline from early November intersects that EMA cluster, reinforcing supply overhead. The Supertrend flipped bearish near $3,301 and has not reversed, so as long as ETH remains below roughly $3,150–$3,300, the market is in corrective mode rather than in a confirmed trend resumption.
Since December 11, spot ETH ETFs have recorded about $853.9 million in net outflows, with only one meaningful inflow day near $84.6 million on December 22 before redemptions resumed. Recent data shows another $16.6 million out of Grayscale’s ETHE and additional selling from BlackRock’s ETHA, meaning even the largest issuers are trimming exposure during consolidation. This steady withdrawal of capital explains why ETH-USD repeatedly fails to hold above $3,000; each attempt into the $2,988–$3,150 band runs into ETF-driven supply. Ethereum derivatives confirm a market in reset rather than in expansion, with futures open interest around $37.3 billion and futures volume down about 15%, while options volume has jumped by more than 55% as hedging and repositioning take place ahead of a potential move.
Leave a Reply