Ethereum – Few reasons why $2,796 is ETH’s make-or-break level
The post Ethereum – Few reasons why $2,796 is ETH’s make-or-break level appeared on BitcoinEthereumNews.com.
Despite the market flipping risk-on, there’s still no clear rotational flow. Historically, this setup keeps capital Bitcoin [BTC]-heavy, limiting follow-through into alternative assets. While this cycle doesn’t look much different on the surface, a key metric might be hinting otherwise right now. On the daily charts, Ethereum [ETH] dominance has been holding up well. After the late-November dip to 11.5%, four lower highs set up a bounce back towards 13%, lining up with ETH chopping sideways within the $3k-$3.5k area. Source: CryptoQuant In short, ETH’s consolidation around support might not be random. Instead, as the chart above revealed, Ethereum whales have been defending their $2,796 cost basis, representing the realized price for long-term holders (LTHs) with the price bouncing off that level three times. Alongside a similar structure in Ethereum dominance, it’s clear ETH’s chop around $3k has been whale-supported. The real question now is whether ETH’s ROI actually backs these positions or starts raising the risk of capitulation. Ethereum whales hold the line without a macro tailwind Without a macro catalyst, bulls might be leaning on conviction. Notably, Ethereum whales illustrated this perfectly. Since 21 November, they have accumulated 4.8 million ETH, equalling 4% of the circulating supply while driving their holdings from 22.4 million to 27.2 million. Hence, it’s no surprise that Ethereum dominance and the whales’ realized price line up with this period, backing ETH’s whale-support. Consequently, their $2,796 cost basis has now become a key level to watch. Source: CryptoQuant At the press time price, these whales are sitting on about $4.8 billion in profits. Naturally, the key metric to watch now is Ethereum’s Estimated leverage ratio (ELR), which hit a six-month high of 2.964. Simply put, for every $1 of ETH held without leverage, there’s about $2.96 of borrowed exposure. Hence, with leverage building, no…
Filed under: News - @ December 27, 2025 5:05 am