The $3,170 Ceiling? Here’s Why Every Ethereum Price Bounce Keeps Failing

Ethereum's price is currently underperforming Bitcoin, trading near $3,013. Despite a recent bullish divergence shown by the RSI indicator between November 4th and 19th, previous attempts at a trend reversal have failed at the critical $3,170 resistance level. This failure is compounded by long-term holders increasing their selling pressure, evidenced by a widening negative net position change. Furthermore, the cost-basis heatmap reveals a heavy supply cluster of about 2.69 million ETH situated between $3,150 and $3,170, which has consistently rejected upward movement. The price remains trapped within a descending channel, and until Ethereum achieves a daily close above the $3,170 ceiling—which aligns with the 0.382 Fibonacci level—any upward bounce is expected to be temporary, keeping the overall trend bearish.

(Source：BeInCrypto)