Ethereum is attempting a structural recovery after weeks of downward pressure, with price action stabilizing around $3,194. Market conditions remain tense, but traders continue to monitor the coin’s next reaction near key resistance levels.
Analysts note that in addition to the short-term pullback, Ethereum is currently at a critical intersection of price structure and network activity. This combination shapes expectations for December, as futures positioning, spot flows, and new technical alerts from the Ethereum Foundation all impact sentiment at the same time.
Price structure tightens near critical barriers
Ethereum has regained its short-term moving average on the 4H chart, supporting an ongoing recovery attempt. The next major hurdle lies at the 0.382 Fibonacci retracement near $3,244.
This level coincides with the 200-day EMA and forms a definitive resistance cluster. Therefore, a clean 4-hour close above this area could enable a move towards $3,438 and then $3,632. Importantly, traders have also outlined extension levels at $3,908 and $4,260 if momentum accelerates.
ETH price dynamics (Source: Trading View)
The downside remains equally important. Ethereum maintains support near $3,051, followed by a major reaction zone around $3,000. If sellers push the coin below this area, the chart reveals deeper support at $2,998, $2,902, and a broader swing low at $2,616. Additionally, the broader structure still requires a confirmed breakout above $3,244 to change the trend.
Open interest increases as participation expands
Source: Coin Glass
Ethereum futures open interest continued to increase and reached approximately $38.3 billion. This trend indicates an increase in participation, especially during times of price fluctuations. Moreover, the increase has continued steadily from November to early December.
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Traders continue to build positions as ETH trades around the mid-$3,100s. If prices continue to recover, the increase in open interest could amplify short-term momentum and attract more speculative flows.
Source: Coin Glass
However, the situation is different for spot flows. The exchange reports sustained outflows through 2025, including some sell-side surges. By December 4, net outflows had reached nearly $43.6 million. Investors therefore remain cautious and continue to reduce their exchange balances during periods of high volatility.
Mainnet configuration warning increases technical urgency
Ethereum developers have issued an important notice regarding the Prysm consensus client following the activation of Fusaka. CL nodes running Prysm require urgent reconfiguration to prevent disruption.
🚨 PSA: There is an ongoing issue with the Prysm consensus client on mainnet. If you are running Prysm, you will need to reconfigure your CL nodes as per the linked tweet.
If you are running another client, you are not affected and no action is required. https://t.co/AngPNlzoTT
— Ethereum Foundation (@ethereumfndn) December 4, 2025
The Foundation has identified a simple workaround that requires operators to disable the last epoch target. No changes are required for validator clients. Additionally, nodes running other clients are not affected by this issue.
Technical outlook for Ethereum price
Ethereum trades within a tightening structure, so the key levels are still clearly defined.
Immediate hurdles for the upside price lie at $3,244, $3,438, and $3,632. If momentum strengthens, a breakout above these zones could extend to $3,908 and $4,260.
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Downward levels include trend support at $3,051, followed by $3,002 and $2,902. Deeper support lies around $2,616.
Ethereum is currently trading below the major resistance at the 200-day EMA near $3,244. This level remains a key point for a turn to bullish momentum in the medium term.
Technical conditions suggest that ETH is compressed between rising short-term support and overhead-heavy clusters, often forming a coil ahead of sharp volatility. If we can decisively break through this structure, we may be able to decide on the next direction.
Will Ethereum rise further?
Ethereum’s next steps will depend on whether buyers can defend the $3,051 to $3,000 zone long enough to challenge the $3,244 resistance band. Both the compression pattern around the end of the year and the historical volatility pattern point to increased movement ahead. Strong inflows and continued expansion in open interest could support a push towards an extension of $3,632 and $3,908.
Failure to hold $3,000 risks breaking the short-term accumulation base and exposing the chart to $2,902 and $2,616. For now, ETH is still in the important zone. Traders remain cautiously optimistic, but confidence flow and breakout confirmation will determine the next trend leg.
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