Ethereum price analysis shows $2,890 acting as a structural demand zone on higher time frames. Market structure remains intact if ETH holds above support, with upside targets near $3,650. Failure to defend the $2,800 support risks invalidating the current

In Q4 2025, Bitcoin and Ethereum failed to deliver the anticipated year-end rebound, and the "Christmas rally" officially fizzled out, highlighting the fragility of upward momentum in cryptocurrencies amid a backdrop of liquidity shortages and declining risk appetite. After entering late December, Bitcoin made multiple attempts to recover key levels but was met with significant selling pressure, while Ethereum and other large-cap mainstream tokens weakened simultaneously. Data shows that, according to CoinGlass statistics, Bitcoin's cumulative decline by the end of December was approximately 22%, making it likely the worst-performing month since December 2018; Ethereum's decline in Q4 2025 is expected to reach 28.07%. This performance starkly contrasts with the typical upward trend usually seen at the end of the year.