$ETH L'ETH is at a crucial inflection point at the beginning of December
If the bulls manage to break above the 200-day EMA at $3,206, the upward levels at $3,360 and $3,477 come into play, followed by a more significant macro-pivot around $3,566. This area marks the former exhaustion point where ETH last transitioned from an expansion phase to a decline phase, and attempting it again would signal a much stronger trend reversal than what the market has experienced in months.
A failure at the resistance level opens up a completely different sequence. Immediate support is at the 50-day EMA around $2,957, followed by the psychological zone of $2,900. Losing these levels would confirm the failure of the breakout and likely trigger a spike in volatility, with targets at $2,800 and $2,720. Given the high leverage, the decline could accelerate quickly.
For the first time in weeks, Ethereum is benefiting from momentum, inflows, and a bias from traders in its favor. But the structure has not yet flipped. Until ETH breaks through a critical resistance, December remains a battleground between early bullish conviction and the broader bearish trend that defined last month.
