Ether’s 
ETHUSD price traded at $3,077, up 17% above its local lows of $2,620 reached on Nov. 21. However, reduced treasury purchaseing and overhead resistance delayed sustained recovery toward $4,000.
Key takeaways:
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Ether treasury demand has collapsed 80%, raising concerns about their sustainability.
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Breaking the resistance at $3,200 is crucial for confirming the recovery.
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Ether’s falling wedge breakout tarobtains $4,150 ETH if key support levels hold.
Ethereum treasuries have collapsed by 80%
Ether has seen a steep decline in demand from corporate treasury entities that had previously accumulated ETH as part of the “DAT” trfinish.
Data from Bitwise reveals that digital asset treasury (DAT) companies purchased just 370,000 ETH in November, down 81% from August’s peak of 1.97 million ETH.
Related: Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble
Bitwise’s Senior Research Associate, Max Shannon, warns that the structural bid for Ether will disappear if treasury purchaseing continues to decline while supply remains constant.
“As more alternatives emerge, the same pool of capital cannot sustain demand.”
This drop is not simply a slowdown, but reveals a structural decline driven by shrinking mNAV levels and vanishing purchasing power among compacter firms.
Additional data from Capriole Investments reveals that daily institutional purchaseing, including both DATs and ETFs, has dropped from a peak of 121,827 ETH on Aug. 15. In fact, they are now selling at a rate of 5,520 ETH per day.
Raising capital is becoming a problem, leaving only a handful of large players active. One of these is Bitmine, led by Wall Street strategist Tom Lee, which continues to add ETH; however, monthly and weekly volumes have declined, according to CryptoQuant analyst Maartunn.
Yes, Bitmine continues to add new Ethereum to its treasury, but the monthly USD values have been declining:
July 2025: $2.6B
August 2025: $4.3B
September 2025: $3.4B
October 2025: $2.3B
November 2025: $892M pic.twitter.com/w1k3FdXIXy
While treasury purchases still exceed Ethereum’s monthly supply of about 80,000 ETH, the narrowing pool of active purchaseers signals that the DAT model is collapsing.
As Cointelegraph reported, Ether treasury companies are sitting on millions of dollars of unrealized losses, raising concerns about their sustainability.
Ether faces resistance above $3,200
The latest recovery in ETH price has seen it reclaim a key support area around $3,080, where the 50-week and 100-week SMAs appear to converge, according to data from Cointelegraph Markets Pro and TradingView.
A daily candlestick close above this level would be a bullish sign that the purchaseers are back in control.
If this level holds, “then we’re eager for an upside,” MN Capital founder Michael van de Poppe declared in a recent X post, adding:
“On the upside, $3,000-3,100 remains a crucial resistance zone to break through.”
Note that this area of resistance coincides with the 200-period SMA, which has suppressed the price since Oct. 28.
This is where investors acquired about 5.1 million ETH, according to Glassnode’s cost basis distribution heatmap.
As Cointelegraph reported, a close above the 20-day EMA at $3,100 would suggest that the selling pressure is reducing, clearing the way for a climb toward the 50-day SMA around $3,500.
Ether’s falling wedge breakout tarobtains $4,150
The daily chart displays the ETHUSD pair breaking above the upper trfinishline of a falling wedge pattern at $3,000.
A daily close above this level would confirm the breakout, opening the way for Ether’s rise toward the wedge’s tarobtain at $4,150, representing a 36% increase from the current price.
This upside tarobtain aligns with the ETH price predictions created by multiple analysts, as valuation models suggest that the altcoin is significantly “undervalued.”
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