Ethereum is holding above the key support near USD 2,940. Analysts say a breakout could lead to $4,300 if ETH stays above $2,630. But there is also a downside.
ETH is above the key Fibonacci support
Crypto analyst StockTrader_Max shared that ETH remains above its 0.618 Fibonacci retracement near $2,940.
$ETH remains well above its 0.618 FIB.
An increase is expected here, with the next destination being $4,300 🎯 pic.twitter.com/MNLyWcq6PS
— StockTrader_Max (@StockTrader_Max) December 16, 2025
In particular, the price area is seen as a potential turning point after a completed corrective move. The structure appears to be following a wave pattern where a corrective phase may have ended and a new upward move could be forming.
Based on the 1,618 extension, a target near $4,300 is possible. This setup will remain valid as long as ETH remains above $2,630. If this level is exceeded, the outlook becomes weaker. Below $1,390 the structure is considered invalid.
Besides, Don posted a chart showing ETH breaking out of a falling wedge on the 5-day chart. The pattern is known to be visible before upward moves. Although ETH lost some support on shorter time frames such as the daily and three-day, longer time frames are still holding.
The five-day and weekly moving averages act as a base of support around $2,720. The target for this wedge pattern is around $4,400. The price action has slowed, but the setup hasn’t broken down. “It’s just slow cooking for $ETH,Don said, suggesting the move may take some time to develop.
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The weekly chart shows Man Of Bitcoin shared that the RSI has broken above a downward trend line. He explained that these types of breaks have happened before uptrends in previous cycles. ETH is now trading above some key support zones after a completed correction wave.
Mixed signals as big buyers pile in
While some charts point to a recovery, not all prospects agree. Ali Martinez said,
“Closing below $2,930 in December could send Ethereum to $2,000 or even $1,100.”
Max Crypto too noted that ETH’s December return is now negative. If the month closes red, it would be the ninth red month of this year – a pattern observed only once before, in 2018.
Still, big holders seem to be buying. BitMine Immersion Technologies added over 100,000 ETH worth over $300 million in just one week. While small traders may be selling, larger buyers appear to be intervening.
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