ETH Approaches $3,000 as Triangle Pattern Narrows Heading into Year-End

• ETH is compressing inside a converging triangle, with $2,900 acting as key support.
• Price remains below Supertrend and major EMAs, keeping the higher-timeframe bias cautious.
• Strong staking and DeFi fundamentals contrast with short-term technical hesitation.

As of today, Ethereum (ETH) is trading around $2,970, following yet another muted session. The price is pressing into the apex of a tightening structure, with key support seen at the $2,900 area. Buyers are actively defending this level; however, attempts at upward momentum are repeatedly stalling below descending resistance. This coiling market suggests that the next movement will be crucial—the path forward hinges on whether ETH can reclaim critical moving averages or if it breaks lower into year-end liquidity.

Daily Trend Still Under Pressure

On the daily chart, Ethereum finds itself within a broader corrective phase that has followed a peak in October. Currently, the price remains below the Supertrend indicator, which is positioned near $3,297, keeping the higher-timeframe sentiment bearish. The Parabolic SAR also hovers above the price action, reinforcing the downside control despite any recent stabilization.

The decline from the $4,000 area has been marked by a series of lower highs and lower lows, with sellers consistently intervening near descending resistance levels. Although the momentum to the downside appears to have slowed, the structural shift has yet to manifest. For a reversal in narrative to take place, Ethereum must decisively reclaim higher levels.

Triangle Compression Signals Decision Point

The 2-hour chart highlights the developing tension within Ethereum’s pricing structure. Currently, ETH is trading within a converging triangle, wherein higher lows have emerged from the $2,800 support level and lower highs are capped near $3,050. This compression reflects a balance between buyers absorbing available supply and sellers resisting upward momentum.

This zone also has significance due to the exponential moving averages (EMAs). The 20 and 50 EMAs are positioned just below current prices, around $2,955 and $2,954, providing near-term support. In contrast, the 100 and 200 EMAs, situated around $2,958 and $2,981 respectively, create layers of resistance. Until ETH breaks through this band with strong conviction, its momentum is likely to remain restricted.

As for the RSI on the 2-hour timeframe, it hovers near neutral territory, indicating that there is neither extreme exhaustion nor breakout strength. This adds to the notion that Ethereum is awaiting a catalyst to instigate a more pronounced price movement.

Fundamentals Remain Strong Beneath Price

While technical indicators show hesitation, the fundamental strengths of Ethereum’s network paint a contrasting picture. Currently, over 32 million ETH is staked, which comprises nearly 30% of the total supply and secures more than $105 billion in value. Additionally, the validator set has grown to over one million participants, bolstering the network’s decentralization and resilience.

DeFi activities remain robust, anchored around $66.5 billion in total value locked, while institutional exposure keeps expanding through investments in spot ETFs and corporate treasury allocations. These factors create a structural support foundation for ETH, even if they haven’t yet been fully realized in the price action.

Roadmap Adds Longer-Term Tailwinds

Looking into the near future, Ethereum’s development roadmap remains active with promising upgrades. The Glamsterdam update, anticipated in the first half of 2026, aims to improve miner extractable value (MEV) fairness and overall execution efficiency. Following that, the Hegota upgrade is set to push discussions around Verkle Trees, which aim to significantly reduce the hardware requirements for node operators.

These upgrades bolster Ethereum’s long-term investment case; however, the market often necessitates price confirmation before re-evaluating fundamentals. Currently, traders are more focused on the immediate structural dynamics rather than the implications of future upgrades.

Outlook: Will Ethereum Go Up?

Ethereum is approaching a decisive moment which traders should closely monitor.

• Bullish case: If ETH manages to hold above $2,900 and breaches $3,050 with substantial volume, this would confirm a triangle breakout, shifting momentum towards $3,300.
• Bearish case: Conversely, if it fails to clear this resistance and falls back below $2,900, this would suggest a return to lower levels, potentially towards $2,800 and beyond.

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