In accordance with TheMarketPeriodical, Ethereum price remains under pressure near the $3,700 resistance level, with over 868,766 ETH held in the $3,662 to $3,678 range, forming a thick wall of supply. The price currently hovers around $3,414, caught in a tight range between $3,150 and $3,700. Weekly chart analysis highlights long-term resistance at $5,766, $6,658, and $9,547, while key support levels are identified at $3,285 and $3,150. On-chain data from Glassnode shows repeated rejections at $3,700, indicating strong selling pressure. Ethereum’s protocol revenue has also slowed significantly, with a 63.9% drop in network revenue since early October.
Ethereum Price Stuck at $3,700 Resistance Amid On-Chain Supply Pressure
TheMarketPeriodicalShare
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