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Ethereum price today (December 29) hovered near $2,970 as traders watched a tight range under a key ceiling. ETH has rejected the $3,050-$3,150 resistance area several times. Consequently, the market focused on whether buyers can reclaim that zone before the year ends.
Ethereum trades below a clear resistance band between $3,050 and $3,150 after repeated intraday failures. Price action shows quick pullbacks after each test, keeping ETH trapped in the same supply zone. Meanwhile, the 14-day RSI is near 45, indicating momentum is in neutral territory. Volatility also stays moderate within the range.
Short-term moving averages cluster around the current price and add friction to upside attempts. The 20 and 50 EMAs sit near $2,955, while the 100 and 200 EMAs hover around $2,958 and $2,981.
Analyst Michaël van de Poppe said Ethereum could open a move toward $3,700 after a clean breakout above $3,150. He argued that shorter timeframes trend upward, suggesting accumulation under resistance. Hence, market participants treated the $3,050-$3,150 band as the trigger for a broader risk-on shift.
At the same time, CryptoELITES highlighted TOTAL3, the crypto market cap excluding Bitcoin and Ethereum, sitting on a long-term trendline. Moreover, a firm ETH breakout could align with TOTAL3 defending support and lifting the wider altcoin market.
If ETH rejects again, traders expect pressure to return to the $2,900 support. A break below $2,900 would shift attention to $2,800, where earlier demand formed. Consequently, TOTAL3 could lose its trendline and prolong altcoin underperformance.
BitMine Immersion increased its staked Ethereum to about $2 billion over two days, according to Lookonchain data. The update referenced a 342,560 ETH staking transaction that drew attention across on-chain desks. Additionally, BitMine linked the activity to its Made in America Validator Network, or MAVAN, and a pilot with three partners.
BitMine chairman Tom Lee also shared an Ethereum price prediction that targets $7,000 to $9,000 by early 2026. He tied the thesis to tokenization, faster settlement, and rising institutional blockchain use. Nevertheless, traders still anchored near-term plans to $2,900 support, $2,800 downside risk, and the $3,150 breakout level.
On-chain metrics show over 32 million ETH staked, nearly 30% of the supply, while DeFi TVL held approximately $66.5 billion.
Also Read: Ethereum News: ETH Holds Key Support as Traders Watch a Move Toward $4,000
