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Ethereum is trading near a critical support zone after months of correction, even as on-chain data shows record whale accumulation and continued dominance in decentralized finance activity. The ETH/USDT daily chart on Binance shows price consolidating near 2,964 after a prolonged decline from late 2025 highs, placing market focus on whether support will hold.
The diagram indicates that Ethereum price is still above the 2,750-2,900 range, which has been historically very important. The upper limit of this zone was a previous barrier to upside, and later it became the area where buying interest entered. Nevertheless, the long-term pattern above the significant low point of 1,537.26 remains to be seen.
At this point, market structure, on-chain accumulation, and network usage trends are all converging. The situation raises a major question for investors: Will Ethereum be able to break out of its corrective channel while currency fundamentals strengthen?
Ethereum’s current structure traces back to a clear breakout from a trendline in May. Price moved above a descending trendline after a long consolidation near the lows. That move marked the end of the prior downtrend. Following the breakout, Ethereum entered a sustained bullish trend through June and July. Price formed higher highs and higher lows. Buyers controlled momentum during this phase.
The advance carried Ethereum into late summer. Price reached a marked high near 4,956.78. This level sits at the upper boundary of the chart and represents the cycle peak shown.
After the late summer peak, price momentum slowed. Ethereum entered a well-defined descending channel highlighted in blue on the chart. This channel spans roughly September through December. Within the channel, Ethereum printed a series of lower highs and lower lows. Price repeatedly failed near the upper boundary. It also found temporary relief near the lower boundary.
As the correction matured, Ethereum returned to a horizontal support zone marked in green. This zone sits around 2,750 to 2,- Price now consolidates just above it near 2,964.
On-chain data adds context to the technical structure. Joseph Young reports that whale accumulation of Ethereum has reached an all-time high. This activity coincides with price consolidation near support.
At the same time, Ethereum holds 68.2% of total DeFi TVL. The network also accounts for 64.44% of all stablecoin issuance. These figures reflect continued usage across major protocols.
Institutional participation remains active. JPMorgan is building directly on Ethereum. Network usage remains elevated, with monthly transaction volumes exceeding $855 million. ETH burn has reached $12 billion, supporting Ethereum’s deflationary supply path.
Also Read: Ethereum Price Faces Resistance: Will the Rally Hold?
Ethereum price action shows ETH holding a key support zone after a prolonged correction. At the same time, record whale accumulation, DeFi TVL dominance, strong stablecoin issuance, and rising transaction volumes signal sustained network activity. The setup places focus on whether support holds as fundamentals remain firm.
