Key Points
- Ethereum trades below $3,000 as analysts watch for a decisive breakout to signal further upside.
- Whale accumulation and options expiry continue influencing short-term ETH price volatility.
Alongside Bitcoin (BTC), Ethereum (ETH) posted modest gains on December 26, rising about 1.4%.
Ethereum is currently testing resistance near the $3,000 level, which analysts consider critical for sustained upward momentum.
Ethereum Price Action and Whale Activity
Over recent days, Ethereum has consolidated below $3,000 after failing to hold above this level.
The price briefly rebounded from around $2,900 as volatility increased during the expiry of roughly $3.8 billion in ETH options.
Market analysts have noted that failure to reclaim $3,000 could lead to another test of the $2,800 support zone.
On-chain data shows continued accumulation by large investors, often referred to as whales.
One such wallet reportedly purchased about $16 million worth of Ethereum (ETH) on December 25.
Analysts estimate the same whale accumulated more than $130 million in ETH over a three-week period, indicating sustained buying interest.
Separate data suggests whale investors acquired approximately 220,000 ETH in the past week, representing an estimated $660 million investment.
Some technical analysts have pointed to a hidden bullish divergence resembling patterns observed in 2023.
They note that a confirmed breakout could open the path toward Ethereum’s previous all-time high near $4,954, with higher levels also being discussed.
Options Expiry and ETF Flows
The expiration of $3.8 billion in spot Ethereum options on December 26 contributed to short-term market swings.
The current maximum pain level for these contracts is estimated around the $3,000 price point.
At the same time, spot Ethereum exchange-traded funds have recorded ongoing outflows during the week.
Looking ahead, Ethereum’s network roadmap includes major upgrades in 2026, with the Glamsterdam fork expected mid-year and the Hegota fork later on.
