Key Takeaways:Ethereum price drops 3.19% in 24 hours, underperforming the broader crypto market$62M in ETH long liquidations follow a break below $3,000 supportSpot Ethereum ETFs posted over $600M in outflows last week but some institutional confidence remainsImmediate Market Moves And ETF FlowsEthereum declined 3.19% over the past 24 hours, falling more than the broader crypto market at -2.5%. The drop coincided with heightened caution ahead of key U.S. GDP data, prompting risk reduction across digital assets.Spot Ethereum ETFs recorded their largest weekly withdrawal since August 2025, exceeding $600 million. BlackRock’s ETHA accounted for roughly $470 million, with additional pressure from Fidelity FETH ($35M) and Grayscale ETHE ($49M). Persistent ETF withdrawals weaken an important source of institutional support. Macro Context And Derivatives PressureRisk-off sentiment intensified as traders positioned ahead of macro data following the government shutdown. Ethereum open interest has fallen sharply since August, indicating reduced leverage and thinner liquidity.During the decline, $62 million in ETH long liquidations occurred as prices touched intraday lows near $2,947. Despite a 31% jump in daily trading volume to $18.8 billion, most of the $222 million in liquidations hit bullish positions, reflecting low confidence. Technical Structure And Key LevelsFrom a technical perspective, Ethereum price failed to maintain the $3,000 psychological level. The token now trades below short-term averages, with the 10-day EMA at 2,986.6 and the 20-day EMA at 3,019.2, highlighting sustained selling pressure.Source: TradingViewLonger-term references remain elevated, including the 200-day SMA at 3,578.9, underscoring the distance to trend recovery. Momentum indicators remain neutral-to-bearish, while narrowing volatility bands suggest compression ahead. Market participants are monitoring $2,900–$2,875 as a key demand zone, especially with $27 billion in BTC and ETH options expiring on December 26. Institutional Divergence And Select AccumulationDespite broad ETF withdrawals, not all institutions are stepping back. Bitmine disclosed the accumulation of roughly 4 million ETH, lifting its crypto treasury to $13.2 billion. Bitmine now controls 3.37% of Ethereum's circulating supply, inching towards its goal of controlling 5% of supply, which the company has termed “alchemy of 5%”.The company maintained $1 billion in cash reserves following the purchases.This contrasts with wider caution and reflects a longer-term institutional interest strategy. ETH Outlook: What Comes Next For EthereumThe near-term Ethereum forecast hinges on macro data outcomes and post-expiry positioning. A move above $3,150 could pressure short hedges, while a sustained dip below $2,980 may invite further downside due to triggered risk controls.Until Ethereum ETF flows stabilize and macro clarity improves, ETH price action is likely to remain range-bound with a cautious bias. The split between ETF withdrawals and selective institutional accumulation highlights a market balancing short-term uncertainty against longer-term conviction.
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