Ethereum price is struggling to reclaim the $3,000 level as sustained exchange-traded fund outflows and weakening derivatives activity reinforce a risk-off market backdrop.
Summary
- Ethereum trades below $3,000 amid falling volume and declining derivatives participation.
- Spot ETH ETFs posted $224M in daily outflows, led by BlackRock’s ETHA.
- Bearish technical structure keeps downside risk elevated unless key resistance breaks.
Ethereum was trading at $2,919 at press time, down 0.5% over the past 24 hours. The second-largest cryptocurrency has slid 12% over the past week and is now trading about 41% below its August all-time high of $4,946.
At the same time, trading activity has cooled noticeably. Daily volume fell to $22.3 billion, down 27% from the prior session, suggesting fewer traders are stepping in as prices continue to stall beneath a key resistance level.
Derivatives data shows traders cutting exposure. According to CoinGlass data, ETH derivatives volume fell 31% to $58 billion, while open interest declined 2.2% to $36.87 billion. Together, these moves indicate that positions are being unwound rather than new leverage being added, a dynamic commonly observed during market pullbacks.
ETH ETF outflows extend to fourth straight day
Pressure on Ethereum (ETH) price has been compounded by continued outflows from U.S. spot ETH ETFs. Data from SoSoValue shows that ETH ETFs recorded net outflows of $224.26 million on Dec. 16, marking the fourth consecutive day of withdrawals.
BlackRock’s ETHA led the exodus, with $221 million exiting the fund, while Fidelity’s FETH saw a smaller $2.94 million outflow. Weekly ETH ETF outflows have now reached $449 million.
On the same day, investors pulled $277 million from Bitcoin ETFs. That move lifted total outflows across BTC and ETH funds to over $500 million, the biggest single-day withdrawal seen in nearly two weeks.
Market sentiment is still weighed down by macro uncertainty and overall weakness, and institutions appear to be taking a more cautious approach by scaling back their exposure. While 2025 has been a strong year for crypto-focused institutional products, recent trends show that this momentum is slowing.
Data shows that in Q4 2025 alone, Ethereum ETFs experienced net outflows of roughly $1.8 billion, reversing much of the previous inflow strength.
Ethereum price technical analysis
Ethereum is still trading in a clear medium-term downtrend, with prices making lower highs and lower lows. Every bounce so far has been capped below the previous swing highs.
On the daily chart, ETH has been hugging the lower Bollinger Band, which usually signals the trend is continuing rather than reversing. The 20-day simple moving average, the middle line of the Bollinger Bands, has repeatedly acted as resistance, stopping recent rebound attempts.
The Bollinger Bands are moderately wide, showing that volatility is still moving in one direction. This makes a sudden move higher unlikely without a strong new catalyst.
Momentum is still skewed in favor of sellers. The market is still in bearish territory as the 14-day RSI is close to 41, below the neutral 50 mark. There hasn’t been any obvious bullish signal or divergence between the relative strength index and the recent price lows.
Other tools, including the MACD, momentum indicators, and several moving averages, are all showing bearish signals.
For Ethereum to show signs of a short-term recovery, it would need to break back above the $3,060–$3,100 range and stay there. If it fails to hold $2,900, the downside could remain in focus, with $2,800 serving as the next important support level.
