Ethereum Stalls Below $3,607 Resistance as Long-Term Holders Slow Selling
Ethereum is testing $3,607 resistance, supported by slowing sales from long-term holders and rising market sentiment.Summary
Ethereum is currently stalled below the critical $3,607 resistance level after a month-long downtrend. A potential catalyst for a breakout lies with long-term holders (LTHs), whose selling activity has slowed significantly, as indicated by the HODLer Net Position Change indicator shifting toward accumulation. This reduced selling pressure, combined with a sharp, two-and-a-half-month high in Ethereum's weighted sentiment, suggests improving market optimism.
At the time of writing, ETH was priced at $3,604. If it successfully breaks and holds above $3,607, the next targets are $3,802 and potentially $3,950. Conversely, if investor profit-taking resumes, Ethereum risks falling below the $3,489 support, which would invalidate the current bullish outlook and extend the downtrend toward $3,287.
(Source：BeInCrypto)