Summary Ethereum trades near $2,820 as the corrective phase remains intact. The $3,000 to $3,050 zone continues to cap recovery attempts. Spot outflows and long liquidations keep upside conviction muted. By Jainam Mehta Ethereum ( ETH-USD ) is trading in a weakened but orderly corrective structure on Thursday as the market continues to unwind from its post-summer advance. Price is holding near the $2,820 to $2,830 region, reflecting a phase of consolidation rather than panic selling. While downside momentum has eased compared with earlier in November, the broader technical posture shows Ethereum remains firmly below levels that would signal a return to trend expansion.The pullback has unfolded gradually, shaped by fading momentum, persistent spot outflows, and a cautious derivatives landscape. Together, these factors suggest the market is digesting prior gains rather than preparing for an immediate recovery. Daily chart shows controlled correction rather than breakdown On the daily chart, Ethereum’s transition into a corrective phase is clearly defined. The initial shift occurred when price lost the 20-day and 50-day EMAs earlier in November, signaling a loss of short-term momentum. The more consequential development followed as ETH failed to reclaim the 100-day EMA near $3,430 and instead rolled lower. Ethereum price dynamics (Source: TradingView) The longer-term structure has softened but not collapsed. The 200-day EMA sits just above $3,420 and has begun to flatten, indicating that the prior expansion phase has given way to consolidation rather than a full trend reversal. Price remains well below all major moving averages, confirming that rallies lack structural support. Ethereum is carving out a descending range rather than an impulsive selloff. The $3,000 to $3,050 region has emerged as firm overhead resistance, repeatedly rejecting recovery attempts. Each push into that zone has attracted supply, suggesting longer-term holders continue to reduce exposure into strength. On the downside, the $2,750 to $2,700 area stands out as the nearest demand zone. This region has absorbed sell pressure during prior pullbacks and now represents the key area separating an orderly correction from deeper structural damage. As long as ETH holds above this band, the market remains corrective rather than broken. Momentum and intraday structure lean defensive Momentum indicators reflect controlled weakness. Daily RSI is holding in the high-30s, signaling sustained downside pressure without reaching capitulation levels. RSI has failed to reclaim the 50 mark during recent rebounds, underscoring the absence of strong bullish momentum. At the same time, the indicator is no longer making fresh lows, hinting at stabilization rather than acceleration. Lower-timeframe signals continue to favor caution. On the 30-minute chart, Supertrend remains firmly overhead near $2,865, while Parabolic SAR continues to trail above price. Intraday rallies have been shallow and quickly rejected, reinforcing the view that short-term participants remain defensive. The sharp rejection from the $3,000 area earlier this week was particularly instructive. That failure to reclaim prior value reinforced the dominance of sellers at key technical levels and confirmed that upside liquidity is still being used for distribution rather than trend repair. Positioning resets as spot demand stays absent Derivatives data adds important context. Futures open interest has declined modestly, indicating that leverage is being reduced rather than aggressively rebuilt. This points to de-risking behavior rather than speculative short positioning, helping explain the measured nature of the decline.Despite this reduction in leverage, long-to-short ratios remain elevated across major exchanges. A significant share of participants continues to position for upside, leaving the market vulnerable to recurring long liquidations during downside extensions. Liquidation data confirms where pressure has been concentrated. Long liquidations have significantly outweighed shorts across major timeframes, particularly over the past 24 hours. This suggests recent weakness has been driven by forced exits rather than panic-driven selling. The absence of a large liquidation spike reinforces the idea that Ethereum has not yet reached a clear exhaustion point. Spot flow trends remain a headwind. Ethereum continues to record persistent net outflows, with capital moving onto exchanges at a steady pace. While brief inflow spikes have appeared during short-lived rallies, they have not been sustained. This behavior aligns closely with the broader corrective structure and suggests spot demand has yet to reassert itself meaningfully. Market outlook From a technical perspective, Ethereum would need to reclaim $3,050 on a daily closing basis to begin neutralizing downside risk. A sustained move back above the 100-day EMA would be required to restore medium-term bullish confidence. Until those levels are recovered, the prevailing structure favors consolidation with downside risk rather than recovery. While oversold bounces may emerge, the charts suggest they are likely to be tactical rather than transformational. For now, Ethereum appears to be searching for a durable base, with price action rewarding patience rather than anticipation. Previously, we noted that Ethereum’s failure to reclaim its key moving averages left the market vulnerable to an extended pullback. The current price action confirms that view. Trend, momentum, positioning, and spot flows remain aligned toward a controlled correction . 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