Summary Ethereum holds near $2,780 as buyers defend a summer demand zone. Flows show continued exchange outflows, while derivatives lean bearish. A break above $3,140 is required to signal a shift in trend. By Jainam Mehta Ethereum ( ETH-USD ) trades near $2,780 as the market works to stabilize after a deep correction that has unsettled confidence across higher timeframes. The token is attempting to build a short-term floor, but the broader trend remains firmly pointed lower. The recovery so far reflects buyers absorbing pressure rather than a decisive change in market structure. The daily chart shows Ethereum repeatedly rejecting the descending trendline that has defined each lower high since early October. Price trades beneath all major moving averages. The 20-day sits near $3,140, the 50-day near $3,520, and the 100-day and 200-day clustering near $3,676. All slope downward, forming a heavy resistance band that continues to cap upside attempts. ETH price dynamics (Source: TradingView) ETH briefly pushed toward the $2,900 area this week, but sellers defended the underside of the former support region and turned it into resistance. Market structure does not shift unless price reclaims $3,140 on convincing volume. Until then, any rally remains vulnerable to exhaustion. The liquidity zone between $2,750 and $2,800 has become the primary battleground. This shelf acted as a demand pocket throughout the summer and is now being tested from above. Buyers continue to absorb pressure, but the lack of follow-through signals caution. If this zone fails, ETH opens a path toward a deeper liquidity block between $2,350 and $2,450. Below that, the $2,150 region marks one of the most important historical accumulation levels. Momentum indicators reflect the strain. The RSI sits between 30 and 33, consistent with oversold conditions but not strong enough to mark a trend reversal. Throughout this downtrend, each RSI recovery into the 40s has produced only weak counter-trend rallies before sellers regained control. Flows turn negative again as derivatives positioning tightens Spot flow data reinforces the bearish pressure. Ethereum recorded roughly $9.4 million in net outflows in the latest session, extending the pattern of steady liquidity leaving exchanges. The heaviest outflows in September and October coincided with the strongest legs lower in price. With November showing continued red prints, there is little evidence of accumulation. Derivatives positioning adds complexity but remains cautious. Open interest has climbed to about $33.6 billion, showing traders are adding exposure even as price falls. The rise in OI signals short buildup or hedging activity rather than bullish conviction. Long/short ratios remain skewed toward longs on major exchanges, with Binance and OKX ratios between 2.7 and 3.6. Historically, this profile appears near continuation phases in downtrends, where late buyers risk becoming trapped. Liquidations underline this risk. Over 12 hours, ETH erased more than $11 million in short positions but over $20 million in longs. Across 24 hours, this imbalance widened. Dip buyers stepping in too early continue to be forced out, adding fuel to each downside extension. Outlook: Major support holds, but the trend has not shifted Ethereum remains in a controlled downtrend where rebounds face immediate supply. For a meaningful shift, ETH must reclaim the $3,140 to $3,200 region, break the descending trendline, and post daily closes above the 20-day EMA. Without these conditions, sellers maintain an advantage, and the path of least resistance remains downward. The $2,750 zone is the first major test. A break would expose $2,450 as the next support and raise the risk of a deeper move toward $2,150. Until buyers regain higher levels, patience continues to define this phase of the cycle. In earlier coverage, we highlighted that Ethereum’s ability to hold the $2,750 floor would determine whether the market could stabilize after losing the October trendline. That dynamic remains intact. ETH is defending support for now, but with flows and derivatives still skewed bearish , the recovery lacks confirmation. This material may contain third-party opinions; none of the data and information on this webpage constitutes investment advice according to our Disclaimer . While we adhere to strict Editorial Integrity , this post may contain references to products from our partners. Original Post
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