Ethereum remains under bearish pressure as it trades near $2,970, struggling to maintain momentum above key support levels. Recent spot outflows of $13.3 million on December 26 have hindered recovery efforts, keeping the price below its descending trendline and full EMA stack. The critical support zone between $2,900 and $2,850 is under threat, with a potential drop to $2,700 if Ethereum closes below $2,850. For a bullish reversal, Ethereum needs to reclaim the $3,000 level and sustain above the 20-day EMA.