Ethereum is once again under pressure as it struggles to regain ground around the $3,000 level, reflecting a broader wave of uncertainty in the crypto market. With sentiment becoming increasingly fragile, many altcoins remain stuck in correction mode and bulls are now forced to defend key support zones to avoid a deeper decline. In this environment, Ethereum’s ability to rise becomes a critical signal as to whether the market can stabilize or whether the current downtrend will continue.
Despite the weakness, on-chain data suggests that ETH could be near an important turning point. According to CryptoQuant, Ethereum is approaching a major support line that has historically served as a solid floor during periods of high volatility.
The report highlights that the realized price of Ethereum accumulation addresses continues to climb and is now approaching the current market price, indicating that long-term accumulation remains active even as short-term traders hesitate.
This dynamic is important because accumulation-based cost levels often represent areas where large investors aggressively defend their positions. If ETH holds above this ascending support range, the market could lay the foundation for a broader recovery.
Ethereum Whale Cost Basis Signals Potential Bottom Zone
CryptoQuant’s report suggests that Ethereum could be approaching one of its most important structural support zones, anchored by the realized price of accumulation addresses. This metric tracks the average on-chain cost of entities that are constantly accumulating ETH, and it often behaves as a “line of defense” for whales that are building long-term positions.
According to the analysis, this realized price level has historically acted as a reliable floor, with Ethereum never dipping below this range in previous drawdowns, even when market conditions as a whole became strongly risk-free.
This historical behavior is important because it implies that accumulation whales tend to protect their cost base aggressively, either by adding exposure near support or by reducing selling pressure as price approaches their entry zone. In practice, this can limit bearish momentum and create a stabilization zone where volatility compresses before the next trend decision.
Based on the current trajectory, the report claims that even if ETH sees further decline, the most likely “lower zone” is near $2,720. From current levels, this would represent a further pullback of around 7%, keeping the move within a controlled correction rather than a complete collapse. If buyers defend this zone, Ethereum could begin to rebuild a base for a further push above $3,000.
ETH price retreats towards $3,000 as bulls struggle to regain control
Ethereum (ETH) continues to trade under heavy pressure as the price struggles to stabilize around the $3,000 zone. The chart shows ETH printing another sharp rejection after failing to sustain the recent rebound, reinforcing that the market remains in a correction phase rather than a clear recovery. Even as buyers attempt to defend current levels, momentum still appears weak, with each rebound being offset by further selling.
From a technical perspective, ETH is trading below its major moving averages, highlighting how resistance continues to build above the price. The broader structure suggests a downtrend turning into consolidation, but without a confirmed breakout, risk remains tilted to the downside.
The recent push towards the mid-$3,200 zone failed to turn this zone into support, and the pullback towards $2,980 indicates that bulls are still struggling to create sustainable demand.
Volume remains relatively subdued compared to the sell-offs seen earlier in the cycle, supporting the idea that this is a brutal distribution phase rather than a total panic capitulation. For a bullish move, ETH needs to recover between $3,200 and $3,300 and hold above it. Until then, the $2,900-$3,000 zone remains the main line of defense.
Featured image from ChatGPT, chart from TradingView.com
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