Ethereum (ETH) is trading at about $2,960 today. On‐chain metrics show that weekly active addresses on Ethereum collapsed by 116,000 during December, falling from roughly 440,000 to 324,000—a level last seen in May. This downturn in active addresses has driven weekly transaction volumes down to depths not visited since July.
Meanwhile, shrinking Coinbase spot premiums and net outflows from spot ETH ETFs point to mounting selling pressure among U.S. investors. Although ETH recently rebounded off the $2,850 support zone, its technical indicators remain firmly bearish, indicating that downside momentum still dominates.
A sustained drop in both active addresses and transaction count suggests many investors have stepped to the sidelines. With demand subdued, Ethereum’s price is at risk of drifting lower or trading in a narrow range until network activity picks back up.
Data from CryptoQuant highlights the decline in Ethereum active addresses. US spot ETH ETFs have seen three consecutive days of net outflows—totaling $224.78 million, according to SoSoValue. Since December 10, assets under management in these funds have fallen from $21.43 billion to $18.27 billion.
At the same time, U.S. selling has regained the upper hand after the Coinbase Premium Index turned negative. This index measures the price gap between Coinbase and Binance: it dips below zero when ETH trades cheaper on Coinbase and rises above zero when Coinbase’s price is higher.
According to CryptoQuant’s ETH Coinbase Premium Index, recent trading has been influenced by a surprisingly strong U.S. jobs report, which showed the unemployment rate rising to 4.6%—its highest level since 2021.
In its latest price outlook, Ethereum has bounced off the $2,850 support zone but remains under heavy bearish pressure. Coinglass data reveals that $104.9 million worth of ETH positions were liquidated over the past 24 hours, with $73.6 million coming from long contracts.
Despite the rebound near $2,850 and the prospect of a retest of $3,100, downward momentum continues to dominate market activity.
On the ETH/USDT daily chart, the RSI remains below its neutral midpoint, and the Stochastic Oscillator has dipped into oversold territory—an indication that a short-term bounce might be on the horizon. If ETH can reclaim the $3,100 level, a rally toward $3,470 becomes a realistic target. On the flip side, a drop back under $2,850 could send prices sliding into the $2,400–$2,600 support zone.
