$ETH Dipping Below Key Levels in Mid-December Pullback

It’s been a rough couple of days for $ETH , slipping under the $3,000 mark and sitting around $2,900-$2,950 as broader market pressure weighs in. After peaking near $4,950 back in August, the price has been grinding lower through the fall, and this latest drop of about 6-7% in the past week feels like a continuation of that corrective phase, with some liquidation cascades adding to the downside momentum.

Sentiment around Ethereum seems pretty subdued right now—Fear & Greed readings are deep in extreme fear territory, around the low 20s, which often signals a lot of hesitation and capitulation among shorter-term holders. Volume’s picked up on the way down, but it’s mostly one-sided, reflecting that uncertainty rather than strong conviction either way.

That said, the network itself appears resilient in spots. The Fusaka upgrade earlier this month boosted Layer 2 data capacity, helping keep fees low and activity steady, even if mainnet usage hasn’t exploded. On-chain data shows whales have been quietly accumulating during these dips—wallets with 10k+ ETH adding millions to their holdings over recent months—which could suggest some longer-term confidence beneath the surface noise.

$ETH is testing supports in the high $2,800s to low $3,000s, areas that have held a few times this year. A clean break lower might open up more weakness, but if it stabilizes here, it wouldn’t be surprising to see some sideways action as the market digests the pullback heading into year-end. Always interesting how these phases play out.