Reflecting the growing wave of uncertainty across the crypto market, Ethereum is once again under pressure as it struggles to regain solid ground near the $3,000 level. Many altcoins remain in correction mode as sentiment becomes increasingly fragile, with bulls now forced to defend key support zones to prevent further declines. In this environment, Ethereum’s ability to rise further is becoming an important signal for whether the market can stabilize or whether the current bearish trend will be extended.
Despite the weakness, on-chain data suggests that ETH may be nearing an important tipping point. According to CryptoQuant, Ethereum is approaching a major support line that has historically acted as a strong downside during periods of high volatility.
The report highlights that the realized price of Ethereum accumulation addresses continues to rise and is now close to the current market price, indicating that long-term accumulation remains active despite the hesitation of short-term traders.
This dynamic is important because the accumulation-based cost level often represents a zone where large investors aggressively defend their positions. If ETH breaks above this upward support range, the market could lay the foundations for a broader recovery.
Ethereum whale cost base suggests potential bottom zone
CryptoQuant’s report suggests that Ethereum may be approaching one of the most important structural support zones supported by the realized price of accumulation addresses. This indicator tracks the average on-chain cost base of entities that continually accumulate ETH and often acts as a “line of defense” for whales building long-term positions.
Our analysis shows that this realized price level has historically served as a reliable lower bound, with Ethereum never falling below this range during previous drawdowns, even when broader market conditions turned sharply risk-off.
This past behavior is important because it suggests that accumulation whales tend to aggressively protect their cost base by adding exposure near support or reducing selling pressure when price approaches the entry zone. In practice, this can limit downside momentum and create a stability area where volatility is compressed before the next trend decision.
Based on the current trajectory, the report claims that even if ETH falls another level, the most likely “bottom zone” is around $2,720. Based on current levels, this would mean a further decline of around 7%, keeping the move within a controlled correction rather than a full breakdown. If buyers defend this area, Ethereum could begin to rebuild its base towards another push back above $3,000.
ETH price falls towards $3,000 as bulls struggle to regain control
Ethereum (ETH) continues to trade under intense pressure as its price struggles to stabilize near the $3,000 zone. This chart shows that ETH has recorded another significant pullback after failing to sustain its recent rally, confirming that the market is still in a correction rather than a clean recovery. Although buyers are trying to protect the current levels, momentum still appears to be weak, with each rebound showing fresh selling.
From a technical perspective, ETH is trading below major moving averages, highlighting how much resistance is building up above the price. The broader structure suggests the downtrend is consolidating, but risks remain tilted to the downside unless a breakout is confirmed.
The recent rally into the mid-$3,200 region failed to convert that zone into support, and the decline to $2,980 shows that the bulls are still struggling to build sustainable demand.
Volume has remained relatively calm compared to the steep declines seen earlier in the cycle, supporting the idea that this is a tough distribution phase rather than a complete panic cessation. For a bullish shift, ETH would need to regain $3,200-$3,300 and sustain above that level. Until then, the $2,900-$3,000 area remains an important line of defense.
Featured image from ChatGPT, chart from TradingView.com
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