Key Insights:
- Over 2.6M ETH were bought near $3,120, marking it as a major demand zone.
- Ethereum faces resistance at $3,937 — a breakout could trigger fresh long positions.
- Weekend price action may stay range-bound as traders await a decisive move next week.
Ethereum is showing firm demand at the $3,120 level, where over 2.6 million ETH were accumulated. Based on data from Glassnode’s cost basis distribution heatmap, this price area has seen heavy buying activity, making it a key support level.
The chart shows a dense band of wallet addresses that entered the market between $3,117 and $3,141. This concentration reflects strong positioning from large holders. As long as ETH trades above this zone, many wallets remain in profit, which may reduce the chance of aggressive selling.
Price Moves Toward Resistance at $3,937
Ethereum was trading at $3,888.82 at the time of writing. Over the last 24 hours, price has moved up by 0.85%, while its 7-day performance is down 1.10%. Short-term movement remains range-bound as ETH trades between support near $3,700 and resistance at $3,937.
According to trader Lennaert Snyder, $3,937 is the key level to watch. “Gaining $3,937 triggers longs, and rejecting triggers shorts,” he noted earlier today. A close above that level may invite more buying, while rejection could pull the price back toward the lower end of the range.
Source: Lennaert Snyder/XLow Volatility Expected Over the Weekend
Weekend trading conditions are likely to remain quiet, with less volume and slower moves. The $3,700 zone remains a preferred support area, according to Snyder, who also pointed out the risks of trading during weekend ranges. “I’m not forcing trades since weekend chop is coming for your stoplosses,” he added.
If ETH fails to break resistance at $3,937, a return to the $3,720–$3,700 area may follow. This level lines up with the cost basis range where large buyers are holding. Price stability above this support may be needed to build momentum going forward.
$3,120 Zone Could Decide the Next Move
Ethereum’s ability to stay above the $3,120 accumulation zone remains important. If this area fails, it could place more than 2.6 million ETH at risk of moving into a loss, which may lead to further downside pressure.
With ETH trading between $3,700 and $3,937, the market is watching for a break in either direction. Buyers remain active below, but short-term movement depends on how price reacts at these key levels in the days ahead.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/2-6m-eth-accumulated-at-3120/
