Ethereum Consolidates Near $3,350 Level as New Wallet Activity Surges

• Ethereum sees spike in first-time wallet activity, signaling fresh user adoption momentum.
• ETH faces critical resistance between the $3,300–$3,400 level.
• BitMine’s $200M deal with MrBeast adds mainstream and DeFi exposure to Ethereum.

Ethereum is attracting a fresh wave of users even as its price struggles to escape a tight trading range. Glassnode data on Month-over-Month Activity Retention showed a sharp spike in the “New” cohort, signaling a jump in first-time interacting addresses over the past 30 days. That change suggests new wallets now drive a meaningful share of network activity, rather than older participants doing all the work.

Source: Glassnode

However, ETH still trades with caution as sellers defend a major resistance zone. Ethereum slightly fell by 0.02% over the past 24 hours to around $3,313, with daily volume near $25.7 billion. Even so, the token stayed up almost 6% over the past week. Its market cap stood near $399 billion, reflecting steady demand despite today’s pullback.

Fresh Wallet Growth Meets a Key Technical Test

Merlijn The Trader said Ethereum broke its downtrend and now tests a key supply area from $3,300 to $3,400. That zone has acted as a ceiling during recent attempts to rally. Consequently, traders now treat it as the decision point for the next move.

Merlijn The Trader suggested a break and hold above $3,400 could accelerate momentum toward $3,900. Besides that upside scenario, a rejection could send ETH back toward $3,000. Many traders now watch the same resistance band as liquidity tightens.

Related: Ethereum Price Prediction: ETH Extends Breakout as Bulls Regain Short-Term Control

Sideways Action Still Defines the Chart

Ash Crypto said Ethereum has moved sideways for 62 days, reinforcing the view of a broad consolidation. Price continues to respect the rising trendline support from November lows. However, ETH keeps failing near the $3,350 to $3,400 resistance area.

This structure often signals a balance between buyers and sellers. Additionally, volatility has compressed inside the range. Support sits near $3,000, while $2,850 stands as a deeper floor if sellers take control. 

Source: X

Hence, a clean daily close above $3,400 could shift sentiment quickly. Ash Crypto suggested that the move could push ETH toward the $4,000 psychological level.

BitMine Backs MrBeast Empire With $200 Million Deal

Significantly, Ethereum’s ecosystem narrative also gained a mainstream angle. Ethereum treasury firm BitMine Immersion Technologies agreed to invest $200 million in MrBeast’s Beast Industries. The group oversees Feastables, MrBeast Burger, merchandise, and new commerce ventures.

BitMine Chairman Tom Lee tied the investment to retail distribution and cultural visibility. Beast Industries CEO Jeff Housenbold said the funding would support growth plans and potential DeFi integrations. The deal is expected to close around Jan. 19, adding another catalyst as Ethereum tests its most important resistance in weeks.

Related: ETHGas Unveils GWEI Governance Token, Targets Realtime Ethereum