đšEthereum Shows Strong Demand at $3,120 Bulls or Traps?
1. Key Support Zone
Over 2.6M ETH were accumulated near $3,120, marking a major demand level. Glassnode data shows a dense concentration of wallet addresses between $3,117â$3,141, indicating strong positioning from large holders. As long as ETH stays above this zone, selling pressure may remain limited.
2. Resistance & Short-Term Range
Ethereum faces resistance at $3,937, while trading at $3,888.82. The price has moved up 0.85% in 24 hours, though it is down 1.10% over the past 7 days. Short-term action is expected to stay range-bound between $3,700 support and $3,937 resistance.
3. Market Outlook
A breakout above $3,937 could trigger fresh long positions, while traders remain cautious over weekend moves. The $3,120 demand zone remains critical for determining ETHâs next directional push.
