Profit Booking Foils Ethereum Price Breakout, $3,140 Becomes the Deciding Line
Ethereum price pulled back after failing to break resistance, with $3,140 now serving as the critical level for future direction.Summary
Ethereum's price recovery stalled, leading to a pullback despite a weekly gain, reflecting a market stuck between buyers and sellers within a symmetrical triangle pattern since November. A hidden bearish divergence on the RSI indicated weakening buying pressure as the price tested the upper trendline. On-chain data shows short-term holders creating churn by booking profits near peaks, which contributed to the rejection near resistance. Currently, Ethereum is trading relative to a key cost basis support zone between $3,146 and $3,164. While short-term holders caused volatility, larger holders ("Whales") have absorbed supply, adding about 200,000 ETH to their balances since January 7. The deciding factor is $3,140; a close above this level could reopen the path toward $3,300, but a sustained close below $3,080 risks a deeper drop toward the $2,800 range.
(Source：BeInCrypto)