The Ethereum price has stalled in a range below $3,000 since attempts to surpass this key level in December ended with a price rejection.
At press time, ETH was trading at $2996, up 0.45% in the last 24 hours and up 2.23% weekly.
As bulls make last-minute attempts to surpass the $3,000 mark on 2025's final day, analysts spot a sell wall that might deter bulls from their mission.
Maartunn, a community analyst at on-chain analytics platform, CryptoQuant flags a heavy sell wall on Ethereum futures. Martunn highlighted in particular the presence of heavy resistance just en route to $3,000, with the Binance order book revealing nearly $77.6 million in sell orders just above the ETH price at $2,982.
Heavy sell wall on ETH Futures 📉
— Maartunn (@JA_Maartun) December 31, 2025
Binance order book shows ~$77.6M in asks stacked just above price at $2,982. pic.twitter.com/z8Z2lx3vXk
"Heavy sell wall on ETH Futures. Binance order book shows nearly $77.6 million in asks stacked just above price at $2,982," Maartunn said in an X post accompanied by the ETH/USDT Binance futures one-hour chart.
Volume dips
According to on-chain analytics platform Santiment, trading volume has predictably dipped in the final weeks of 2025, with the markets staying flat and unpredictable, as well as holidays pulling traders away from their devices.
Santiment noted that Bitcoin and altcoins led by Ethereum have seen their lowest two-week stretch compared to this same time last year. Ethereum and other altcoins saw less than half the weekly trading volume this year compared to last year.
The absence of volume on the markets and the presence of a sell wall en route to $3,000 suggest that bulls might face a difficult challenge in surpassing this key level. If the $2,982 sell wall is successfully breached, Ethereum might head to $3,000 before facing its next resistance in the $3,500 range.
What's next for Ethereum?
Bitwise predicts an all-time high for Ethereum in 2026 if the CLARITY Act passes, given that Ethereum is likely to be one of the biggest beneficiaries of this growth.
Ethereum developers have agreed on the name and rough timing of the ETH network’s second major upgrade, scheduled for 2026 as "Hegota."
Hegota will follow "Glamsterdam," Ethereum’s next major upgrade, which is currently expected to roll out in the first half of 2026.
