- ETH faces key resistance between $3,008–$3,120 due to high concentration of underwater holders.
- Nearly equal profit/loss zones create neutral pressure near $2,916, stalling market direction.
- Break above $3,100 could trigger rally, but break-even selling may limit short-term upside.
Ethereum (ETH) is edging closer to the $3,000 mark for the first time since February, with the current price holding near $2,916. On-chain data from Sentora, formerly known as IntoTheBlock, shows the market is at a key inflection point. A near-equal number of addresses are either in profit or at a loss, creating a neutral pressure zone that could determine Ethereum’s short-term direction.
The “In/Out of the Money Around Price” chart segments ETH holders based on the average price at which they acquired their tokens. Each segment is represented as a cluster, showing the number of addresses with current gains or losses.
Below the $2,916 mark, clusters of addresses bought ETH between $2,553 and $2,915. These are identified as “in the money” holders and are currently in profit. The largest concentration of profitable addresses is observed between $2,614 and $2,726, reflecting large buying activity in that range. These holders may contribute to continued holding pressure or take limited profits as the price rises.
However, above the current price, a large segment of addresses remains “out of the money.” Red clusters dominate the range between $2,917 and $3,545, representing holders with unrealized losses. The highest concentration lies between $3,008 and $3,120. This area presents a potential short-term resistance level as holders may be inclined to sell when ETH reclaims their average entry prices.
$3,100 Resistance May Trigger Break-Even Selling
Sentora data shows minimal resistance until ETH reaches the $3,100 zone. Yet, this level could introduce selling pressure from approximately 4.1 million addresses that have been holding ETH at a loss for roughly six months. A recovery to their original purchase price may lead many to exit positions, adding resistance and stalling upward momentum.
Such break-even selling is a common phenomenon and can temporarily cap bullish trends when heavily concentrated in narrow price zones. The presence of this resistance band could create volatility as Ethereum tests this threshold.
Ethereum’s Short-Term Outlook Hinges on Price Movement Above Resistance
Ethereum’s market setup now hinges on whether it can successfully move beyond the $3,008 to $3,120 range. A decisive break above this level could weaken selling pressure and support a continued rally. On the other hand, a failure to clear the zone may strengthen bearish sentiment and reinforce resistance.
With ETH trading near a key decision point, the actions of holders around these price bands may shape the market’s next significant move. All eyes remain on the $3,000 level and the heavy resistance zone just above it.
