Ethereum News Update: Key Levels to Watch—ETH Holds $3,120 Support, Faces $3,937 Resistance
- Ethereum's $3,120 level holds 2.6M ETH as key on-chain support, with large holders clustering in profit zones. - $3,937 resistance could trigger bullish momentum if broken, while failure risks retesting $3,120 support. - Market consolidation between $3,700-$3,937 sees traders advised to avoid weekend range-bound strategies. - Technical tools like Barchart's standard deviation analysis reinforce significance of these critical price levels.
Ethereum’s recent price movements have brought considerable focus to the $3,120 mark, where more than 2.6 million ETH were acquired, establishing this range as a vital support area. Glassnode’s cost basis distribution heatmap reveals that this zone has seen substantial accumulation by major investors, resulting in a dense concentration of wallet addresses between $3,117 and $3,141. As long as ETH trades above this region, most holders remain in profit, which lessens the chances of significant sell-offs, as highlighted in a
The $3,120 price point serves as both a psychological and technical support. Should
Current market signals indicate that Ethereum may enter a consolidation phase. The cryptocurrency is presently fluctuating between $3,700 and $3,937, with volatility remaining low in the short term. Snyder advised caution for traders during the weekend, as trading activity typically drops. "I'm not forcing trades since weekend chop is coming for your stoplosses," he remarked, warning about the risks of trading within a narrow range during quieter periods, as also discussed in Coincu’s analysis.
Technical indicators, including the
The next few days are expected to be crucial for Ethereum’s direction. A decisive move above $3,937 could ignite renewed optimism, while a drop below $3,700 might send the market back to test the $3,120 accumulation area. For now, traders are closely monitoring these levels, as they are likely to shape ETH’s upcoming price trend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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