Bids Stack Below $2,800 As Sellers Test Key EMA Resistance

• Aggressive bids stacked near $2,750–$2,800 helped Ethereum form a short-term floor after the recent selloff.
• A dense EMA cluster between $2,920 and $3,120 continues to cap rebounds, keeping the broader structure corrective.
• Derivatives data shows leverage resetting rather than spot-led accumulation, favoring range-bound trade for now.

Ethereum price today trades near $2,950, stabilizing after a sharp rejection from the $3,100 area earlier this week. The rebound follows a sweep into the $2,750 to $2,800 zone, where aggressive bids emerged and forced short-term sellers to step back. While the bounce offers near-term relief, Ethereum remains capped below key EMA resistance, keeping the broader structure under pressure heading into December 20.

Buyers Defend $2,800 As Order Book Support Emerges

Short-term downside momentum slowed after Ethereum dipped into the $2,750 to $2,800 region. Order book data from Binance shows more than $150 million in bids stacked across that zone, signaling active defense from larger participants rather than passive liquidity.

Price respected that area cleanly, printing higher lows on lower timeframes before pushing back toward $2,950. This response matters. When size steps in during a sharp selloff, it often marks at least a temporary floor, even if the broader trend has not yet flipped.

However, defense alone does not confirm a reversal. Buyers still need to reclaim overhead structure to shift momentum decisively.

EMA Cluster Continues To Cap Recoveries

On the 4-hour chart, Ethereum remains trapped beneath a dense EMA band. The 20 EMA near $2,918 and the 50 EMA around $2,992 sit directly above current price, while the 100 EMA at $3,036 and the 200 EMA near $3,120 define the larger resistance ceiling.

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This EMA compression reflects a market that has lost directional control. Each rally attempt over the past week stalled inside this band, reinforcing it as a sell zone rather than a launchpad. Until Ethereum closes above the 100 EMA with conviction, upside attempts remain corrective.

Fibonacci levels reinforce this view. The recent bounce stalled near the 0.382 retracement around $3,018, while the 0.5 level near $3,140 remains untouched. These levels align closely with the EMA structure, increasing their relevance.

Additionally, on the 4-hour RSI, readings have recovered toward the low 50s after dipping into oversold territory, signaling reduced selling pressure. 

Momentum Improves Short Term But Trend Remains Fragile

On the 30-minute chart, Parabolic SAR has flipped below price, supporting the short-term rebound. Directional movement indicators also show buyers gaining ground intraday, but the trend strength remains moderate. 

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These signals suggest room for a push higher, yet they lack confirmation from higher timeframes. In short, Ethereum is stabilizing, not breaking out.

Derivatives Data Shows Leverage Reset, Not Accumulation

Derivatives data adds important context. Futures volume is up more than 35%, while open interest has risen about 4%. That combination points to fresh positioning entering the market rather than an unwind-driven bounce.

Liquidations over the past 24 hours exceeded $157 million, with long and short liquidations nearly balanced. This indicates two-way pressure rather than a one-sided squeeze. Long-to-short ratios remain elevated across major exchanges, suggesting traders are still positioned for upside despite recent volatility.

This matters because rallies built on crowded long positioning tend to fade unless spot demand follows through. So far, derivatives activity has stabilized price but has not yet powered a sustained breakout.

Structure Still Favors Range Trading Into December 20

From a structural perspective, Ethereum continues to trade within a broad consolidation range between $2,800 and $3,100. The lower boundary is reinforced by visible bids and prior demand, while the upper boundary aligns with EMAs and prior breakdown levels.

Until one side breaks, price action is likely to remain choppy. Bulls need acceptance above $3,050 to open the door toward $3,200 and beyond. Bears, meanwhile, will focus on whether $2,800 continues to hold if selling pressure returns.

Outlook. Will Ethereum Go Up?

The near-term outlook hinges on how Ethereum behaves around the EMA cluster.

• Bullish case: A sustained push above $3,050 followed by a close above the 100 EMA would signal that buyers are regaining control. That move would expose $3,200 and then $3,350 as the next upside targets.
• Bearish case: Failure to reclaim $3,000, followed by a break back below $2,800, would invalidate the current rebound. That scenario opens the door to a deeper pullback toward $2,650.

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