The biggest resistance for $ETH isn't $BTC—it’s its own investors. Approximately two-thirds of ETH’s supply still sits in the loss zone. So every time the price recovers, it doesn’t meet new buyers—it meets selling pressure from people who’ve been waiting to exit for months. Now think about it: You’ve been underwater for six months. Finally, the price reaches your cost basis. What do you do? Most people do the same thing: “Enough—I’m getting my money back.” That’s how overhead supply forms. Much of what appears as resistance on the chart isn’t a technical level—it’s a mass exit door for those stuck underwater. ETH’s SOPR falling below 1 confirms this: coins are still changing hands at a loss, with people selling before even breaking even. That’s why some rallies stall—not because there aren’t enough buyers, but because too many people are desperate to get out.