Ethereum ETFs continue to decline for two consecutive weeks, but rechecking this important support level could be...

Ethereum's price still faces difficulties in regaining upward momentum, fluctuating around the $3,000 mark in recent sessions. This prolonged accumulation phase has led to negative market sentiment and reduced short-term confidence among small retail investors holding ETH.
However, some on-chain signals along with past price movements are indicating that conditions may be forming for a potential recovery.
Ethereum ETF Continues to Lose Money
Ethereum ETF funds have faced continuous pressure over the past two weeks. During this period, only one trading day recorded net capital inflows, mainly driven by Grayscale's activities. Aside from that day, capital has been consistently flowing out of Ethereum ETFs, reflecting cautious sentiment from traditional financial circles.
This outflow seems more cyclical than due to major market changes. If Ethereum tests the support zone at $2,798, buying interest could return. If the price successfully bounces back and recovers this zone, market expectations could be reset, and the upward trend may continue.
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On-chain data shows that market momentum is quietly improving. The Ethereum HODler Net Position Change indicator—tracking the movements of long-term holders—has risen sharply and is approaching the largest outflow level in the past 5 months.
This development indicates that long-term holders are reducing selling pressure and regaining confidence in Ethereum's recovery potential. If this indicator surpasses zero, it will confirm capital inflows from long-term holders. Historically, such actions often help stabilize prices and reverse trends.
Ethereum is trading around $2,978 at the time of writing, still held below the psychological threshold of $3,000. This sideways phase raises concerns about whether Ethereum could close 2025 below this level. The prolonged hesitation keeps price volatility high, and investor sentiment remains easily influenced.
However, the fluctuations in ETFs and the behavior of long-term holders are opening opportunities for a reversal. If the price retreats to around $2,798 in a controlled manner, this could serve as a foundation for a new rebound. If Ethereum regains the $3,000 support zone, the upward trend could extend to $3,131 or even higher.
There is still downside risk if upward momentum does not materialize. If ETH falls below $2,798, the technical structure will be broken. In that case, Ethereum's price could drop to around $2,681, weakening the optimistic outlook and increasing short-term selling pressure.