Core Viewpoint - Ethereum (ETH) has been fluctuating around the $3000 level for the past three weeks, following a significant drop to $2620 on November 21, indicating a market consolidation phase. Traders are questioning the potential for further declines if the $2800 support level is breached [2]. Price Movement and Technical Analysis - ETH's recent rebound faced clear resistance at the 50-day Exponential Moving Average (EMA) around $3260, leading to temporary support in the $2800-$2600 demand zone, which is also supported by the 200-week EMA [5]. - Analysts suggest that ETH must break through the $3000 resistance and effectively surpass the 50-day EMA to escape the current consolidation and aim for a sustained rally towards $4000 [8]. - A bearish flag pattern has formed on the daily chart after ETH fell below $3200, with a target price of $2300, indicating a potential 22% decline from current levels [18]. Market Sentiment and Demand - The futures market shows a bearish sentiment with a 3% premium on ETH futures compared to the spot market, reflecting a decrease in demand for leveraged long positions [11]. - The supply of long-term holders has decreased by 847,222 ETH over the past 30 days, marking the largest drop since January 2021, which adds to selling pressure and hinders ETH's ability to maintain the $3000 level [14]. - Ethereum's on-chain activity has declined, with a 45% drop in transaction fees over the past month, indicating weakening demand [17]. Support and Resistance Levels - Key support is concentrated around $2800, where approximately 580,000 ETH were previously purchased [11]. - If the price falls below $2800, the next support range is between $2716 and $2623 [23].