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\n\t\t\t\t\t\t\t\t\tEthereum holds above key support near $2,940. Analysts say a breakout could lead to $4,300 if ETH stays above $2,630. But, there’s the downside play as well.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Ethereum (ETH) is trading near $2,900 after falling over 12% in the past week. Despite the pullback, the asset is holding above a key technical level. Traders are now watching to see if it can bounce from here and make a move toward $4,300.<\/p>\n
Crypto analyst StockTrader_Max shared that ETH is holding above its 0.618 Fibonacci retracement near $2,940.<\/p>\n
\n$ETH<\/a> is holding above its 0.618 FIB well..<\/p>\n
A bounce here is expected with the next destination being $4,300 \ud83c\udfaf pic.twitter.com\/MNLyWcq6PS<\/a><\/p>\n
\u2014 StockTrader_Max (@StockTrader_Max) December 16, 2025<\/a><\/p>\n<\/blockquote>\n
Notably, the price area is seen as a potential turning point after a completed corrective move. The structure appears to follow a wave pattern where a corrective phase may have ended, and a new upward move could be forming.<\/p>\n
Based on the 1.618 extension, a target near $4,300 is possible. This setup remains valid while ETH stays above $2,630. If it breaks that level, the outlook weakens. Below $1,390, the structure would be considered invalid.<\/p>\n
Additionally, Don posted<\/a> a chart showing ETH breaking out from a falling wedge on the 5-day chart. The pattern is known to show up before upward moves. While ETH lost some support on shorter timeframes like the daily and 3-day, longer timeframes are still holding up.<\/p>\n
The 5-day and weekly moving averages are acting as a support base around $2,720. The target from this wedge pattern is around $4,400. Price action has slowed, but the setup has not broken down. \u201cIt\u2019s just slow cooking for $ETH,<\/em>\u201d Don said, suggesting the move may take time to develop.<\/p>\n
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On the weekly chart, Man Of Bitcoin shared<\/a> that the RSI has broken above a downward trendline. He explained that this type of break has, in past cycles, appeared before upward trends. ETH is now trading above some key support zones after a completed correction wave.<\/p>\n
Mixed Signals as Large Buyers Accumulate<\/h2>\n
While some charts point to recovery, not all outlooks agree. Ali Martinez said<\/a>,<\/p>\n
\n\u201cClosing December below $2,930 could send Ethereum to $2,000, or even $1,100.\u201d<\/p>\n<\/blockquote>\n
Max Crypto also noted<\/a> that ETH\u2019s December return is now negative. If the month closes red, it would be the ninth red month this year \u2014 a pattern seen only once before, in 2018.<\/p>\n
Still, large holders appear to be buying. BitMine Immersion Technologies added<\/a> over 100,000 ETH, worth more than $300 million, in just one week. While small traders may be selling, larger buyers seem to be stepping in.<\/p>\n
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