Ethereum Retests Support After $3,100 Breakout as December Accumulation Hits Record
Ethereum has pulled back to retest the breakout level near $3,100 after recent gains, with traders watching whether the area holds as new support. On-chain data for December shows record accumulation alongside a notable jump in staking activity, indicating stronger holder conviction and more ETH being locked away from liquid supply. This dynamic has been a key driver behind the recent optimism in ETH markets.
The combination of a retest at a confirmed breakout level and shrinking liquid supply via staking supports a constructive case if the $3,100 zone holds, since less circulating ETH can amplify upward moves on renewed buying. Market participants will be watching exchange flows, staking deposits, and price action around the level — a sustained bounce would validate the breakout, while a decisive break below would raise the risk of a deeper pullback.