Ethereum's price remains constrained below key exponential moving averages (EMAs) as momentum stalls and spot flows remain negative. Bitmine's recent staking of over 342,560 ETH, valued at approximately $1 billion, has removed significant supply from the market. Currently, Ethereum's price is compressed between the $2,850 support and $3,000 resistance levels. On the daily chart, Ethereum continues to trade below its 20, 50, 100, and 200-day EMAs. Exchange flow data indicates ongoing net outflows, with capital not returning to spot positions. While the increased staking activity tightens supply, a daily close above $3,140 is needed to confirm buyer control, whereas a drop below $2,850 could lead to further declines.