- ETH tested $3,150 but struggled, with short-term resistance at $3,125–$3,148 limiting upside potential.
- Long-term holders show resilience, with accumulation cost stabilizing around $2,700–$2,800 despite past drawdowns.
- Breakdown below $2,700 could shift market behavior, but a breakout above resistance may target $3,273 recovery.
Ethereum ($ETH) is showing mixed signals, raising caution among traders and investors. On Friday, the cryptocurrency tested new highs around $3,150 but struggled to sustain upward momentum.
According to analyst Lennaert Snyder, “$ETH swept liquidity and retraced. Ethereum printed the daily high at ~$3,150, sweeping liquidity above the ~$3,135 high.” He added that his bias remains bearish, targeting the weak ~$2,970 monthly open.
Snyder noted that traders could find short opportunities if liquidity sweeps above ~$3,124 or ~$3,150, watching 15-minute or 5-minute market breaks for entry.
Currently, ETH is hovering near $3,093, close to the $3,125 short-term resistance level. Besides this, a daily high formed near $3,148, potentially limiting upside attempts. Analysts suggest that Ethereum might attempt a minor rally toward this high, but renewed selling pressure could follow.
Consequently, a sharper correction may target lower support zones around $2,969, aligning with the monthly open. However, Snyder emphasized that Friday’s trading may not reach the monthly open, suggesting that any breakout might only materialize in the next weekly candle.
Accumulation Signals Show Structural Resilience
Meanwhile, data from CryptoQuant analyst Kripto Mevsimi highlights long-term Ethereum accumulation trends. He noted, “Ethereum’s Accumulating Addresses Realized Price tracks the average cost basis of addresses that consistently accumulate ETH rather than trade it short term.” This realized price has stabilized around $2,700–$2,800, forming a structural support zone.
Moreover, the metric shows that long-term holders did not capitulate even during major drawdowns in 2022–2023. Consequently, ETH exhibits stronger resilience compared to most altcoins, many of which lack such accumulation bases.
Potential Risks and Market Outlook
However, Kripto Mevsimi cautioned that this accumulation regime faces potential risks. A sustained breakdown below the $2,700–$2,800 zone could trigger a behavioral shift among long-term holders. Such a scenario would challenge assumptions that Ethereum has permanently exited its pre-2020 valuation patterns.
Additionally, ongoing price volatility keeps short-term traders vigilant, as resistance near $3,125–$3,148 may dictate the cryptocurrency’s next moves. Hence, Ethereum’s immediate trajectory depends on whether it can surpass these resistance zones, with any successful breakout possibly opening recovery toward previous highs near $3,273.
