ETH reaches the $2,620–$2,630 support zone, aligning with the lower boundary of its descending channel.
Analysts watch for a confirmed reaction, noting a five-wave rise is needed to validate a potential wave 4.
A whale adds 114,684 ETH as ETF flows shift, while ETH attempts to reclaim the $2,800–$2,900 range.
Ethereum trades near the $2,620–$2,630 region, a zone repeatedly marked by analysts as the next downside target. This level also aligns with the lower boundary of the descending channel that guides current market structure. The area now serves as a logical support zone, and traders watch for a clear reaction over the coming sessions.
Ethereum Reaches the Lower Channel Boundary
According to analysis prepared by More Crypto Online, Ethereum continues to trade inside a descending channel formed after the September peak. Price records lower highs and lower lows while it follows the channel geometry. Fibonacci projections place the 100 percent extension at $2,628, and ETH has traded directly into that level.
https://twitter.com/Morecryptoonl/status/1992411757172642071
More Crypto Online also tracks the idea that ETH may start its next bounce from this zone during the coming one to two weeks. The potential reaction could form circle wave 4, yet the structure requires confirmation. Analysts state that a clear five-wave move upward or a defined reaction must appear before treating any bounce as wave 4.
Market candles stay above the deeper extension cluster between $2,431 and $2,145, and price holds near the mid-channel area. The resistance zone for a possible wave 4 remains between $3,170 and $3,553, which aligns with the upper boundary of the channel.
Whale Accumulation and ETF Market Activity
A large holder acquired 114,684 ETH in 48 hours, worth $314 million. This brings total holdings of that wallet to 489,696 ETH, valued near $1.34 billion. Market observers note that the purchase occurs as Ethereum maintains steady trading near current levels.
ETF data from SoSoValue shows varied inflows and outflows across the sector. BlackRock’s ETHA records continued redemptions, while Fidelity’s FETH attracts new inflows. Total assets under management for Ethereum ETFs reach $16.86 billion, with cumulative inflows near $12.63 billion.
According to Ted Pillows, “ETH is trying to reclaim the $2,800–$2,900 level,” and he reports that a move toward $3,300–$3,400 may follow if structure supports it. However, he notes that weekend moves can create new CME gaps that often fill within one to two weeks.
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