The article discusses the current state of Ethereum (ETH) and its struggle to surpass key resistance levels. Despite a recent attempt to break through the $3,500 resistance level, ETH faced selling pressure and retreated to around $3,119. The $3,000 support level is now crucial, and a break below it could lead to a further drop towards $2,927. On the upside, the 100-day moving average acts as a strong resistance. The article also highlights that the majority of addresses holding ETH tokens are currently experiencing unrealized losses. A decisive push above the $3,132-$3,500 resistance range could provide relief for investors, but larger transactions are declining, indicating waning confidence among institutional players.



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