Ethereum Near Key Resistance as Accumulation and Network Demand Persist

• Ethereum trades near whale cost basis as accumulation continues despite muted year-to-date performance.

• Stablecoin settlement activity on Ethereum remains dominant, reinforcing network relevance.

• Price compression below a multi-month trendline increases the probability of directional expansion.

Ethereum is approaching a decisive technical zone after months of corrective price action. Recent trading behavior reflects stabilizing momentum rather than renewed weakness. Market participants are closely monitoring whether structural resistance will hold or give way.

Technical Compression Near a Multi-Month Trendline

Eth is seeking to break an upward trendline that has limited upward movements over the months. Tightening ranges and less down pressure volatility around this level is reflected in price action. A tweet from Captain Faibik describes this area as a potential structural turning point.

Source: X

The broader chart structure shows a clear shift from impulsive downside into base formation. Ethereum has transitioned from lower lows into a sequence of higher lows. This pattern suggests selling pressure has weakened materially.

Repeated tests of the same resistance level have increased breakout probability. Price reactions to pullbacks have become muted and controlled. This behavior often reflects absorption rather than exhaustion.

Short-Term Market Behavior Signals Support

At the time of writing Ethereum is trading between the $3,000-$3,050 range throughout the 24-hour session. There was early selling pressure that drove the price to the mid-2,950 point and stabilized. Buyers stepped in quickly, preventing a deeper retracement.

Source: Coinmarketcap

A sharp upside move later reclaimed the $3,000 psychological level. That advance was accompanied by a meaningful increase in trading volume. Rising participation supported the sustainability of the move.

Following the breakout, Ethereum held above former resistance near $3,000. Price then formed higher lows and higher highs into the session close. The absence of strong rejection wicks suggested limited selling interest.

On-Chain Positioning and Structural Demand

Ethereum’s on-chain data continues to contrast with its recent price underperformance. The network processes roughly $90-$100 billion in daily stablecoin transfers. This level of settlement activity remains unmatched across competing blockchains.

Large holders appear to be accumulating rather than distributing ETH. Price is trading near the realized cost basis of accumulation addresses. Historically, this zone has coincided with long-term positioning by informed participants.

Whale profits have compressed near zero without triggering sustained selling. In prior market cycles, similar conditions often led to distribution. Current behavior instead points toward confidence in Ethereum’s structural role.

Ethereum remains central to global dollar liquidity settlement despite higher transaction costs. Trust, neutrality, and finality continue to outweigh marginal fee considerations. Market attention now turns to whether technical resistance resolves higher or sustains consolidation.