Ethereum News Update: Key Levels to Watch—ETH Holds $3,120 Support, Faces $3,937 Resistance
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.
