Ethereum News Today: ETH Price Gains Over 3.5%, Retakes $3.2K
Key TakeawaysETH pushes back against $3,200, a key resistance levelTreasury demand collapse continues, with DAT purchases down 81% since AugustFalling wedge breakout points toward a potential $4,150 technical target if support holdsImmediate Market Update: ETH Reclaims $3,200ETH now hovers around $3,200, up 17% from its $2,620 local low on Nov. 21. The move helped Ethereum regain the $3,080–$3,200 zone where the 50-week and 100-week SMAs converge. A daily close above this range signals easing selling pressure and reinforces short-term bullish momentum.However, ETH still faces overhead resistance at the 200-period SMA, a level that has capped advances since Oct. 28. This region also aligns with a heavy on-chain cost basis cluster of 5.1 million ETH, according to Glassnode. Market And Industry Context: Treasury Demand WeakensOne of the most notable trends is the collapse in ETH treasury demand. Digital asset treasury (DAT) firms acquired only 370,000 ETH in November, down 81% from the 1.97 million ETH peak in August.Bitwise’s Max Shannon warns that the structural bid for Ether is weakening, noting that shrinking mNAV and limited purchasing power among smaller firms are driving a deeper decline and it is not just a cyclical slowdown.Capriole Investments shows institutional flows turning negative, shifting from a daily buying peak of 121,827 ETH in mid-August to net selling of 5,520 ETH per day now.Despite this broad contraction, a few major players remain active. BitMine, led by strategist Tom Lee, accumulated 679,000 ETH over the past month and is nearly 62% of the way toward its goal of holding 5% of the circulating Ether supply. The firm also retains $882 million in cash reserves for future allocations. On-Chain And Technical Insights: Breakout Targets $4,150Ethereum has broken above the upper boundary of a falling wedge near $3,000, a pattern typically associated with declining selling pressure and a shift toward recovery. A confirmed daily close above this line opens a path toward the wedge target at $4,150, a 36% upside from current levels.ETH also reclaimed the 50% Fibonacci retracement at $3,141 and the 7-day SMA at $3,013, supporting near-term strength. The MACD histogram has flipped positive for the first time since Nov. 22, reinforcing improving momentum.Still, RSI sits near 52, leaving room for consolidation before ETH can challenge higher resistance around $3,413, the 23.6% Fib level.The 20-day EMA at $3,100 remains crucial. A sustained position above this indicator would suggest that selling pressure continues to ease. Outlook: Key Levels To WatchEthereum’s immediate focus is maintaining support above $3,100–$3,200, which would validate the wedge breakout and stabilize confidence. Failure to hold could expose ETH to a retest of $2,847, a critical Fibonacci level.On the upside, clearing resistance toward $3,500, the region aligned with the 50-day SMA, would strengthen the broader recovery structure.Network fundamentals also hinge on the Fusaka upgrade, activated Dec. 3. If the upgrade successfully reduces Layer-2 costs over the coming weeks, it may provide a catalyst for renewed institutional interest and on-chain activity.
