#CryptoMarketWatch

Ethereum Price Flashes Death Cross Warning Despite Holding Key Support

Ethereum dropped 2.5% on Tuesday, briefly sliding to $2,879 before rebounding to around $2,942, a 2.1% daily gain. A major bearish signal has emerged: a death cross, where the 50-day EMA crosses below the 200-day EMA. Historically, this pattern can precede medium-term declines of 30–40%, potentially dragging ETH back toward the $1,400 area—its April lows.

Even so, Ethereum has so far held its ground at the support region near $2,750, which I previously highlighted as a possible bounce zone. The challenge is that upside space is limited. ETH faces the 50% Fibonacci retracement, November’s local lows, and a significant resistance band near $3,350—an area shaped by August’s bottom and retested in early October. This region also aligns with a dense cluster of key moving averages.

Only a decisive move back above that moving-average cluster would restore confidence that buyers are regaining control. Until then, despite the recent rebound, my outlook remains tilted to the bearish side.

Meanwhile, BlackRock continues to accumulate ETH through its iShares Ethereum Trust (ETHA), adding $72.5 million worth in October and $140.9 million in September. Although spot Ethereum ETFs recorded $1.64 billion in outflows during November, ongoing accumulation by the world’s largest asset manager suggests sustained institutional conviction in ETH as a core asset for smart-contract platforms and tokenization.