Ethereum (ETH) has a significant obstacle to overcome when it moves above the $3,000 price mark: a significant resistance zone exists between $3,170 and $3,270.
This barrier is more than simply a straightforward price; it signifies a substantial concentration of ETH, or 4.45 million ETH, owned by 1.63 million addresses.
This build-up of holdings may be crucial in deciding if Ethereum can overcome the resistance and hit the much anticipated $3,650 mark.
Crypto expert Ali pointed out a strong resistance area for Ethereum (ETH) in a tweet, which is between $3,170 and $3,270. The area is marked by a concentration of Ethereum holdings over a significant number of addresses. At these prices, 4.45 million ETH are held collectively by about 1.63 million addresses, according on on-chain statistics.
Massive addresses holding onto ETH inside this range suggest a possible sell-off point, when a lot of investors would choose to take gains, which would increase selling pressure and make it more difficult for the price to rise.
The price may decrease if a sizable number of these holders decided to sell. On the other hand, the price may overcome the barrier and move towards the next goal of $3,650 if these investors maintain their confidence and hold, or if enough new buyers enter the market. In his tweet, Ali hinted that ETH may move towards $3,650 if it were to break over the $3,170–$3,270 mark.
https://x.com/ali_charts/status/1782762850009924061
As of this writing, ETH has increased by 1.51% to $3,243 during the previous day. Should the present positive trend continue, Ethereum may target $3,302 in advance of the 50-day SMA, which is now at $3,488. This would push the $3,729 barrier and aim for $3,650.
However, if the price of ETH declines from its present levels, it may go in the direction of $3,000. The bulls still need to hold onto this crucial support since $2,850 might be the next halt if they fail.
