Ethereum Price Could Be Silently Nearing a Breakout, Here’s Why

Ethereum's price action has been quiet, trading nearly flat while maintaining support above $3,100, indicating consolidation rather than exhaustion. The price structure is forming a bull flag pattern, which suggests a continuation of the prior upward move, provided the price remains above the critical support level of $3,090.

Confirmation of a bullish breakout would come from a daily close above $3,130, signaling the end of consolidation. On-chain data supports this outlook, showing that selling pressure from long-term holders has eased by about 8.4% over 24 hours, suggesting holders are waiting for a move rather than panic selling.

If the price breaks above $3,130, the next resistance target is near $3,390, potentially leading to the $4,000 to $4,020 range. Conversely, a daily close below $3,090 would weaken the bullish structure, and a drop below $2,910 would invalidate the pattern entirely.

(Source：BeInCrypto)