Ethereum Price Up 10% As Selling Pressure Fades, $3,500 Now the Test

Key Insights:

• Ethereum price is up 10% as selling activity drops sharply near $3,000.
• ETH is now seeing whale balances rise by around 180,000 ETH since Dec. 15.
• Ethereum price must move above $3,178 to target $3,500, while $2,717 stays key support.

Ethereum price is moving higher again. Not fast. Not in a straight line. But it is moving up.

Since the low made on Dec. 18, the ETH price has surged by 10%. It has now finally climbed back above $3,000, at press time. That alone does not make the move critical. What matters is how it happened.

Earlier this month, every small bounce failed. Ethereum price would rise a little, then sellers would step in and push it back down. That pattern has now changed.

Ethereum is no longer making fresh lows, and selling no longer feels urgent. This does not mean the market has turned bullish. It simply means the heavy selling phase looks finished for now.

Ethereum Price Stops Making New Lows

Between Dec. 5 and Dec. 18, Ethereum price dipped below earlier price levels, more like a lower low formation. At first glance, this feels like weakening price action.

But under the surface, the pressure was different this time. While price slipped lower, selling strength did not increase.

The market tried to push ETH price down, but it did not get the same response as before. That usually happens when sellers are running out of energy.

This move was defined by the relative strength index indicator, which made higher lows. In most cases that leads to a downtrend reversal. And Ethereum’s 10% upmove could be a key sign.

After that low made on Dec. 18, the Ethereum price stopped falling. ETH spent time moving sideways, then slowly started to move higher. In weak conditions, prices fall quickly.

When they stop falling and start moving sideways instead, it often means sellers are stepping back and waiting. That is what Ethereum has been doing recently.

Large Holders Step In As Selling Activity Drops

Another part of the picture comes from how Ethereum whales have been positioning themselves, per on-chain data.

Since Dec. 15, large holders, or rather whales, have added roughly 180,000 ETH to their wallets. These are not fast traders. They usually move when they think the price is closer to value than risk.

But that’s not the only bullish sign. On Dec. 19, about 430,000 Ethereum moved, showing how badly the ETH dormancy took a hit.

That kind of movement usually shows up when people are rushing to sell. Coins move quickly when holders want out.

After that day, activity dropped hard. Daily coin movement has fallen below 18,000 ETH. That is a major change.

It tells us that far fewer holders are sending Ethereum to be sold. Coins are staying where they are.

When that happens, price pressure often eases because there is less supply hitting the market. This does not force the price to rise. But it makes it harder for the price to keep falling.

What’s Next for the Ethereum Price?

Ethereum is in a better place than it was earlier this month, but it is not out of danger. There are still price areas that matter.

The first one is near $3,178. Ethereum price has struggled around this area before. If price can move above it and stay there, the next area to watch sits near $3,479.

If both levels are cleared, $3,500 comes back into focus for ETH price . That price has acted as a wall before, so getting there again would be meaningful.

Crossing that wall could make the price action bullish again, as highlighted by X analysts.

On the other side, the price still needs to hold above the $2,717 area. If Ethereum price drops below that level, it would suggest that selling pressure is returning.

Right now, the picture is mixed but calmer. Selling has slowed. Big holders are adding slowly. Coin movement has dropped sharply.

Ethereum price is no longer weak the way it was earlier this month. But it is also not strong yet. The next move should make things clearer. Once Ethereum leaves this range, direction is likely to show itself quickly.