Ethereum faces a significant resistance area, which may affect the trend of $3,650

Ethereum (ETH) is currently facing significant resistance between $3,170 and $3,270 as it continues to break through the $3,000 price point. This resistance zone represents a significant concentration of 1.63 million addresses holding ETH, totaling 4.45 million ETH. The accumulation of these holdings could play a crucial role in determining whether Ethereum can break through and reach the much-anticipated level of $3,650.

Cryptocurrency analyst Ali highlighted this strong resistance area for ETH characterized by concentrated Ethereum holdings across many addresses. On-chain data shows that at these price levels approximately 1.63 million addresses hold a total of 4.45 million ETH coins collectively. A large number of addresses holding ETH within this range indicates potential sell-off points where many investors may decide to take profits thereby increasing selling pressure making it harder for prices to rise.

If a substantial portion among these holders decides to sell off their assets, it could lead to a drop in prices. However, if these holders maintain confidence and continue holding or if new buyers step in with sufficient trading volume then the price might be able to break through the resistance level and move towards its next target at $3,650.Ali stated in his tweet that breaking through the barrier between $3170-$3270 could push up ETH's value up till $3650.As per writing this article ,in past 24 hours ,ETH has risen by 1 .51% reaching upto$3243 .

If current bullish momentum continues,Ethereum might rise upto$3302 before hitting its50-day moving average at$3488.The target is set at$3650,and further breakthroughs are expected beyond$3729.On contrary ,ifETH'sprice falls from current levels,it may slide down towards the price pointof$3000.This remains key support maintained by bulls because if failed,next stop might be around$2850.