Ethereum Price Stagnates Near $3,100 Amid Market Uncertainty

Ethereum (ETH) is experiencing a phase of price compression, with its value trading around $3,100 as of December 15. This has led to a split among traders regarding future market direction.

Current Ethereum prices hover near $3,100, with the market showing hesitation and declining volumes.
Key support is identified at $3,020–$3,000. A break below could lead to further declines towards $2,900 or even the $2,600–$2,500 range.
Resistance levels are between $3,150 and $3,400. A daily close above this range, supported by increased volume, may indicate a trend reversal.

Mixed Technical Signals

Elliott Wave analysis suggests potential for upward movement, but resistance rejections imply corrective rather than impulsive trends.
On-chain data highlights liquidation clusters above current prices, indicating possible targets if upward momentum gains traction.
Thinner liquidity below current levels suggests potential for downward movement before any rally.

Institutional Activity

U.S. spot Ethereum ETFs saw $209 million in net inflows last week, driven by BlackRock's ETHA.
BitMine Immersion Technologies continues accumulating Ether as part of its long-term strategy.

This situation reflects a stalemate between institutional accumulation and cautious market pricing, with a breakout or breakdown likely needed to shift sentiment.