Ethereum Long-Term Cost Basis Holds Firm: Structural Floor Forms Near $2.8K
Ethereum is struggling to reclaim the $3,100 level as price action tightens and the market braces for a decisive move. After weeks of choppy trading, ETH remains caught between fading bullish attempts and persistent overhead resistance, leaving analysts sharply divided on what comes next. A minority still expects Ethereum to regain strength and eventually challenge its all-time highs, while the dominant narrative points toward a bearish 2026 marked by weaker demand and tighter liquidity conditions. Notably, the $3,000–$3,100 area has emerged as a critical pivot. Price has repeatedly defended this zone, suggesting the presence of demand and short-term accumulation. However, upside momentum remains limited, as each bounce has been met with selling pressure near descending moving averages. This behavior is typical of markets attempting to form a base after a prolonged drawdown rather than initiating a clean trend reversal.Related Reading
From a structural perspective, ETH remains above the long-term moving average, which continues to slope upward. This indicates that the broader macro trend has not fully broken down, even though short-term momentum is weak. Volume has also declined during recent rebounds, reinforcing the idea that buyers lack conviction.
For bulls, a sustained reclaim of the $3,300 level would be required to shift momentum and challenge the bearish structure. Until then, Ethereum appears locked in a consolidation phase, with downside risks persisting if the $3,000 support fails to hold.
Featured image from ChatGPT, chart from TradingView.com
About Author
