.png){kind=logo}
Ethereum has moved lower after a sharp rejection at $3,400, as traders watched key support zones around $3,000 to $3,100 for signs of stability. The pullback aligned with new chart analysis shared by market analyst Ted Pillows on X. The chart showed ETH trading near $3,188 after a firm rejection inside the red resistance band between $3,300 and $3,360. The analysis also pointed toward two possible outcomes as ETH approached a critical decision point.
Ethereum slipped again as the red supply zone blocked another upward attempt. The region between $3,300 and $3,360 has stopped several rallies since September. The chart also marked the next resistance between $3,700 and $4,000.
Pillows identified $3,678 as a major trigger level. A clean break above that zone could open a path toward stronger gains. The chart then projected potential targets near $3,450 and later $3,700.
Yet ETH continued to drift lower. Traders are now focused on the green support zone between $3,000 and $3,100. Pillows said a rebound from that level could build another strong rally. The chart then showed a clear upward pattern pointing back toward the mid-$3,000 range.
Still, failure at this level carried risk. The next major support sat near $2,800. The white arrow patterns on the chart indicated a downward trajectory toward that area. The broader green zone below stretched toward $2,600. This created a wide range of decisions as ETH approached early 2026.
New commentary from Tom Lee, chairman of BitMine Immersion Technologies, added another layer to the market outlook. Lee said in a CNBC interview that ETH may complete its correction this week. He pointed to recent volatility and said the token could stabilize soon.
BitMine became one of the most active corporate buyers during the recent decline. The company purchased 3.56 million ETH. That position was valued at roughly USD 7.5 billion at recent prices.
The firm made several large purchases in rapid succession. It bought USD 435 million worth of ETH during the first week of December. It also allocated USD 200 million on November 24.
Then it added another 4,871 ETH on December 9. These moves pushed total accumulation above USD 635 million within weeks. ETH briefly fell to USD 4,313 before rebounding to USD 4,430 after Lee’s remarks. BitMine’s stock gained 286% year-to-date as it prepared to issue a shareholder dividend on December 29.
The ETH chart showed several historical levels dating back to July. These areas created a wide structure as ETH hovered near $3,188. The long-term pattern displayed a major distance between each key zone.
Traders now questioned the next move. Would ETH confirm strength at $3,000 to $3,100, or test deeper regions closer to late-2023 levels?
ETH now sat between opposing paths. One outcome pointed to a rebound and new momentum. The other pointed toward a slide toward $2,800.
Market participants continued to monitor both chart signals and institutional activity as ETH approached another pivotal moment.
Also Read: Are Altcoins Like XRP and Solana Surpassing Bitcoin and Ethereum?
Ethereum moves through a critical zone as traders watch the $3,000 to $3,100 support while BitMine continues heavy accumulation during the correction. The next move may define short-term direction. Market participants should monitor these levels closely as momentum shifts rapidly.
