Ethereum Price Prediction: ETH Price Slips Below Momentum While $120M Whale Buy Sparks Market Debate

As of December 24, Ethereum is trading near $2,940, down 0.34% over the past 24 hours, according to market data. Spot trading volume remains elevated at roughly $18 billion, indicating that liquidity has not dried up despite recent price softness. This combination often reflects active repositioning rather than market capitulation.

Ethereum Struggles to Reclaim the $3,000 Level

From a technical standpoint, Ethereum has failed to establish acceptance above the $3,000 resistance zone, a level that has capped upside attempts for several months. The repeated rejection suggests that sell-side liquidity remains concentrated near this range.

Ethereum faces repeated rejection at $3,000, raising the risk of a drop toward the $2,800 support zone. Source: @TedPillows via X

Trader Ted Pillows, who focuses on macro-driven and on-chain market structure analysis, highlighted the issue in a recent post. “$ETH keeps on getting rejected from the $3,000 level. If this level isn’t reclaimed soon, Ethereum will drop below the $2,800 zone.”

The six-month ETH/USDT chart referenced by Ted shows multiple breakout failures since July 2025. Each attempt has been accompanied by declining follow-through volume, a common signal of weakening momentum. On the daily timeframe, momentum indicators such as the Relative Strength Index (RSI) have struggled to sustain bullish territory, reinforcing the view that buyers lack conviction above resistance.

Ethereum is currently trading around 3% below its weekly high of $3,073, keeping price action within a lower-high structure. In practical terms, repeated failures at the same resistance level often encourage short-term traders to fade rallies, increasing downside pressure toward nearby support near $2,800.

Whale Accumulation Adds a Bullish Counterweight

While technical charts reflect growing caution, on-chain data presents a contrasting signal. Not all market participants appear positioned defensively.

A major Ethereum whale scooped up $120M worth of ETH today, bringing total accumulation to $1.7B over the past seven weeks. Source: @kay_drake via X

Crypto analyst @kay_drake_, who tracks large wallet behavior using blockchain analytics platforms, reported notable accumulation by a high-profile Ethereum whale. “A whale has bought 40,975 $ETH worth $120 million today. In the past 7 weeks, this whale has bought 569,247 ETH worth $1.7 billion.”

Key Demand Zones Remain in Focus

Additional context comes from TradingView analyst ArmanShabanTrading, whose analysis emphasizes long-term supply and demand imbalances rather than short-term price fluctuations.

“Ethereum rallied up to $3,450 but failed to hold and is now trading near $2,900. This correction could deepen, and I’m watching the $2,100–$2,700 demand zone closely.”

Ethereum pulled back from $3,450 to around $2,900, with the $2,100–$2,700 institutional demand zone key for a potential sharp bullish rebound. Source: ArmanShabanTrading on TradingView

This demand zone is derived from prior consolidation ranges and high-volume accumulation areas visible on higher timeframes. Such zones often attract institutional interest, as they represent regions where buyers previously absorbed significant selling pressure.

If Ethereum revisits this range, historical price behavior suggests the potential for a sharp reaction. However, until price enters that zone or reclaims key resistance levels, downside risk remains structurally intact within Ethereum technical analysis.

Final Thoughts

Ethereum’s outlook remains finely balanced as technical weakness near $3,000 contrasts with continued whale participation and clearly defined demand zones below. Repeated rejections at resistance and cooling momentum indicators explain the short-term pressure, while sustained on-chain activity suggests longer-term interest has not disappeared.

Ethereum was trading at around 2,940, down 0.34% in the last 24 hours at press time. Source: Ethereum price via Brave New Coin

From a scenario standpoint, a daily close above $3,000 would signal renewed bullish strength and invalidate the current bearish structure. Conversely, sustained trading below $2,800 increases the likelihood of a deeper retracement toward the $2,100–$2,700 institutional demand zone, making these levels critical for the next directional confirmation.