The price dynamics of Ethereum appear calm, however, the entire forming structure is gradually taking on a bullish character. Over the last 24 hours, ETH has traded almost unchanged, while over the last seven days there has been moderate growth of 2.6%. The price has held above the $3100 mark for several sessions, which indicates strength rather than exhaustion.
This sideways movement is not random. Ethereum is compressing near key levels where breakouts often form. Further movement depends on whether buyers, who are gradually returning to the market, can turn this consolidation into a trend continuation.
========≈
Technical trend continuation model
Ethereum appears to be breaking out after consolidating within a 'bull flag' pattern. A bull flag forms when the price pauses after a strong upward movement and then trades in a narrow range before the next leg up. This pattern signals consolidation, not weakness.
The structure remains intact as long as ETH holds above $3090. This means that if the daily candle does not close below this level, the long-awaited breakout may occur.
This level acted as reliable support, absorbing selling pressure during recent pullbacks. The price has repeatedly bounced off this zone, indicating that buyers are still protecting it.
A confident close of the daily candle above $3130 will be the first confirmation that the flag resolves upward. Such a movement will signal the end of consolidation and a restoration of control by buyers. Without such a close, Ethereum remains in a phase of compression, however, the bullish structure retains its relevance.
=========
Reduction in selling pressure
On-chain data confirms the price structure. The Holder Net Position Change indicator, which tracks whether long-term investors are accumulating or selling ETH, shows weakening selling pressure compared to previous sessions.
On November 17, 2025, holders of Ethereum distributed approximately 958,771 ETH. By November 18, 2025, net sales had decreased to around 877,958 ETH, indicating a reduction in selling pressure of about 8.4% over 24 hours.
This change matters. Ethereum is still showing net distribution, however, the pace of sales is slowing as the price compresses near resistance. Such behavior is typically observed in the later stages of consolidation, rather than during downward breakouts.
When selling pressure weakens near a key level, and the price does not drop below it, it increases the likelihood that buyers will intervene after confirming the breakout. There are no panic sell-offs seen in the Ethereum market. On the contrary, holders seem more inclined to adopt a wait-and-see approach.
==========
If the price of Ethereum holds above $3130 on the daily chart, the next resistance will be near $3390. Overcoming this zone will open the way to the $4000–$4020 area, which corresponds to a measured move from the 'bull flag' structure.
However, the bullish structure will weaken if the price of Ethereum drops below $3090 or even $2910. A close below the latter level will completely break the pattern.
