Ramazan Eles 
The Ethereum price is encountering a significant barrier in its attempt to rally beyond $3,700, primarily due to the fact that 991,000 addresses have collectively acquired 4.35 million ETH.
Despite the recent successful implementation of the Ethereum Dencun Upgrade, the price of ETH has faced strong selling pressure, leading to a correction of over 10% as it struggled to maintain the $4,000 resistance level. Currently, Ethereum (ETH) is trading at $3,574 with a market cap of $430 billion. While Bitcoin saw some rebound over the last weekend, ETH continued to face bearish pressure.
A large portion of ETH holders, constituting 89% of the network, are still profitable despite the recent downtrend in Ethereum’s price. This demonstrates resilience amid market volatility.
Key on-chain data from IntoTheBlock indicates potential support levels for ETH’s price trajectory. Notably, a significant concentration of on-chain sell volume is observed around the $3.7K mark, where approximately 991,000 addresses have collectively acquired 4.35 million ETH. This suggests a strong barrier to further price appreciation, with market dynamics likely to revolve around this critical level.
As market participants monitor ETH’s price movements, focus remains on key support and resistance levels, with the $4,000 range emerging as a crucial psychological benchmark.
Ethereum’s current price action sees it trading below the $3,700 mark and the 100-hourly Simple Moving Average (SMA). Immediate resistance is expected near the $3,650 level, with a notable bearish trend line forming around $3,660 on the hourly chart of ETH/USD.
Looking ahead, significant resistance levels are anticipated near $3,750, representing the 50% Fibonacci retracement level of the recent downward move from the $4,084 swing high to the $3,414 low. Further resistance lies at $3,830, potentially triggering bullish momentum if breached.
In a bullish scenario, Ethereum could aim for a rally towards the $3,925 level, with potential gains extending towards the critical $4,000 resistance and beyond.
Conversely, failure to surpass the $3,650 resistance may lead to a fresh decline. Initial support is expected around the $3,520 level, followed by a stronger support zone near $3,500. Further downside targets include the $3,420 support zone, with possible extensions towards $3,350 and $3,250 levels.
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