Ethereum tested the $3,150 area but could not keep the move going, leaving traders with a mixed short-term picture. The source material says ETH swept liquidity above roughly $3,135, printed a daily high near $3,150, and then pulled back. Analyst Lennaert Snyder said his bias remains bearish, with attention on the weak monthly open around $2,970.
ETH was trading near $3,093 at the time referenced in the report, placing it just below short-term resistance around $3,125. A separate daily high near $3,148 adds another ceiling. Those levels are now central to the immediate setup. Price may still attempt a modest push higher, but the report notes that renewed selling pressure could follow if the market revisits those highs.
Resistance band between $3,125 and $3,148 remains in focus
Snyder said traders may look for short entries if liquidity is taken above roughly $3,124 or $3,150, using breaks in market structure on the 15-minute or 5-minute chart for confirmation. That leaves the market in a reactive state. Momentum exists, but conviction looks limited.
If the pullback deepens, the next downside area highlighted in the source is around $2,969, close to the monthly open. Snyder also said Friday’s session might not reach that level, and any more decisive breakout could appear only in the next weekly candle.
Accumulation data points to a stronger base near $2,700–$2,800
On-chain data adds a different layer to the picture. CryptoQuant analyst Kripto Mevsimi pointed to Ethereum’s realized price for accumulating addresses, a metric tracking the average cost basis of wallets that keep adding ETH instead of trading it actively. That realized price has stabilized around $2,700 to $2,800, forming what the report describes as a structural support zone.
The same analysis says long-term holders did not capitulate even during the heavy drawdowns of 2022 to 2023. That behavior suggests Ethereum has shown greater resilience than many altcoins that do not have a comparable accumulation base. Price has been volatile. Holder behavior has been steadier.
A break below $2,700 could alter holder behavior
Kripto Mevsimi also flagged the main risk. A sustained move below the $2,700–$2,800 range could trigger a shift in long-term holder behavior and challenge the view that Ethereum has fully moved beyond its pre-2020 valuation pattern. That would carry more weight than a routine short-term dip.
For now, the market is still defined by the clash between near-term resistance at $3,125 to $3,148 and the deeper support base at $2,700 to $2,800. If ETH clears resistance, the report says recovery could extend toward the prior high area near $3,273. If not, focus may return to lower support zones.