Ethereum is trading near $3,000 as it holds key support, with ETH/BTC at a crucial level and on-chain data indicating continued accumulation.
Ethereum (ETH) is trading around $3,000, posting a modest gain over the past 24 hours. The price is still within an ascending channel that began to form in November 2025.
Despite the recent drop to levels near $3,400, buyers stepped in when ETH touched the lower range of the channel, keeping the broader trend intact.
Key channel holds despite pullback
The current move follows a rebound from the $2,900 to $2,950 area. This area has provided support on several occasions in recent months. The price remains below both the channel’s midline and the 50-day moving average, which ranges between $3,060 and $3,100. A break above these levels could open the way towards the top of the channel, which lies between $3,600 and $3,700.
Alpha Crypto Signal commented on the setup saying:
“$ETH is holding above channel support and quickly reacted from the lower boundary, indicating that buyers are still aggressively defending this trend.”
As long as the lower limit is maintained, the current model remains valid. Another analyst, Batman, described the current zone as a critical level for the bulls, stating:
“It is currently approaching its last line of defense… If there is one area where Ethereum can bounce back, this is it.”
ETH/BTC close to key support zone
Ethereum’s position against Bitcoin has also been highlighted. The ETH/BTC pair sits just above 0.0327 BTC, a level marked as a longer-term support zone. Price action has fallen below the 21-day moving average, which may signal short-term weakness.
Michaël van de Poppe, founder of the MNF Fund, highlighted the importance of a recovery, saying:
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“$ETH against $BTC continues to rest on an important support level here…momentum needs to return by reclaiming the 21-day MA. That’s the most important part.”
Beyond the price action, the price realized by Ethereum for accumulation wallets is close to the current market price. The CW analyst shared: “The realized price of the $ETH accumulation address continues to increase and approaches the current price. This indicates that the accumulation is still in progress.” According to on-chain trends, the $2,720 range has always been a bottom.
Meanwhile, centralized foreign exchange reserves are declining. CryptoQuant data shows that ETH balances on exchanges have decreased to 16.2 million, the lowest since 2016. Binance has seen a reduction from 4.168 million to 4 million ETH since the beginning of January. Staking activity has also increased, further reducing the liquid supply.
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