Ethereum Price to $3,500? Here’s Major Obstacle to Watch

Key Insights:

• Ethereum price stalls again at the $3,000 zone as resistance holds.
• Ethereum ETF inflows pick up, led by BlackRock’s $46.1 million entry.
• Whale positions shift as large holders add and smaller ones continue to offload.

Ethereum price moved back into the $2,950 to $3,000 zone this week, where traders saw another rejection.

The move came as ETF flows turned positive and large holders made new adjustments.

Notably, this has given the market a fresh set of signals to watch in the short term.

Ethereum Price Rejection Zone Holds Firm as Traders Watch the $3,000 Level

Ethereum price has remained stuck below the $3,000 mark. Each attempt to break the barrier has led to a pullback.

Market watchers pointed to this level as the key point for the next direction. Ted Pillows noted that Ethereum reached the same spot again and failed to move higher.

He said a clear push above the level, backed by steady volume, could open the way toward $3,400. Without this move, the price could stay within the current range for some time.

As of writing, the price of ETH is currently trading at $2,909.4, up by 0.66% in the past 24 hours.

It also has a market capitalization of $351.61 billion, with volume down by. 21.27%

Traders also watched technical indicators on the shorter time frame. The MACD crossed its signal line on the four-hour chart.

The market histogram shifted into positive territory. These signs suggested the market might be gaining short-term strength, but the resistance level continued to hold firm.

Long Consolidation Pattern Still Shapes the Bigger Picture

Beyond the daily movements, some analysts pointed to a broader trend that started several years ago.

According to Anup Dhungana, ETH has moved within a wide consolidation band since 2021.

The range acted like a long period of accumulation for Ethereum price. Each push toward the upper boundary led to a rejection at a major trendline.

This view showed that the price has been moving sideways for a long time. The asset has stayed within a large channel, which has limited both highs and lows.

Dhungana suggested that if Ethereum price breaks above this structure, the next move could be strong.

His estimate placed the technical target between $8,500 and $9,000, based on the size of the pattern.

Recent trading activity supports the idea of a compressed market. ETH price has stayed between $2,700 and $3,300 in recent weeks.

Notably, the price rarely moved outside this band. The RSI also sat around the neutral 50 mark, which pointed to a lack of strong momentum in either direction.

This suggested that traders were still waiting for a clearer sign before making larger moves.

ETF Inflows and Whale Moves Add New Interest for Ethereum Price

It is worth noting that ETF activity has become an important factor in daily trading for Ethereum price.

The green highlight on the chart shows that in the table marked the first strong inflow after several red days.

Meanwhile, the $78.6 million entry reflected renewed interest from institutional buyers.

Most of the value came from BlackRock, contributing $46.1 million, the largest single entry on the chart.

It is worth noting that whale activity also shifted. BitMine added 69,822 ETH recently, worth more than $200 million.

The company now holds 3.63 million ETH, which equals about 3% of the total supply. Wallets with 10,000 to 100,000 Ethereum increased their combined holdings by 440,000 ETH.

Smaller groups moved in the opposite direction. Wallets with 1,000 to 10,000 ETH reduced their positions by 100,000 ETH. Wallets with 100 to 1,000 ETH sold 120,000 ETH.

These moves showed a split among large holders. The market is now watching how these shifts interact with the $3,000 level.

A break above the zone could push Ethereum price toward $3,500. Another rejection could keep the price inside the same range that has lasted for weeks.