Ethereum trades near $3,100 resistance as accumulation builds, with charts showing upside toward $4,100 while short-term patterns warn of downside risk.
Ethereum is trading just below a key price level watched across the market. The $3,100 area has capped price moves for several years, and recent trading has brought ETH back near that zone.
The asset is priced at around $2,950 at press time, down 3% over the past 24 hours and up almost 1% over the last seven days. Daily trading volume is close to $22.6 billion.
Ethereum Tests Multi-Year Resistance
Ethereum has spent more than five years moving within a tightening price structure. The ascending triangle pattern on the chart is formed by rising lows and a flat resistance band between $3,100 and $4,000. Analyst StockTrader_Max noted, “$ETH bulls have full control above $3,100,” adding that a breakout from this range could trigger a strong move higher.
It is worth noting that the price is heading towards the top limit of this structure. The 50-week and 200-week moving averages are also close to the current level, providing additional support. A clean-up and close above $3,100 can open the door to re-test the $5,000 area that was approached in previous cycles.
Simultaneously, throughout the period of September to November, Ethereum exhibited a falling wedge, the pattern usually associated with reversals. This wedge broke out at the end of November, and the price moved back into a smaller range of between $2,750 and $3,200.
According to Don, this range is now showing signs of accumulation. ETH has remained above the wedge resistance. If the asset moves above $3,200, it could begin a run toward the $4,400 level projected from the earlier wedge breakout.
$ETH is in accumulation pic.twitter.com/DDYxjl2vJw
— Don 🐂 (@DonWedge) December 23, 2025
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Short-Term Pattern Raises Near-Term Risks
On the 4-hour chart, ETH may be forming a head-and-shoulders pattern, a setup often associated with local trend reversals. The left shoulder, head, and right shoulder are visible, with the neckline drawn near $2,780.
Analyst Ali Martinez said,
“Ethereum appears to be forming a head and shoulders pattern, pointing to a potential move toward $2,400.”
The pattern would only confirm if the price breaks below the neckline. Until then, the structure remains unconfirmed.
Meanwhile, Bitmine Immersion Technologies, led by Tom Lee, added 98,852 ETH to its balance sheet over the past week. This increase places Bitmine among the largest known ETH holders in the market.
Despite recent market outflows, Ethereum recorded $555 million in withdrawals this week, but 2025 remains a strong year overall, as previously reported. Total ETH inflows for the year have reached $12.7 billion, well ahead of the $5.3 billion recorded in 2024.
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