#Ethereum’s price action may look calm on the surface, but the underlying structure is gradually turning bullish. Over the last 24 hours, $ETH has traded mostly flat, while still posting a modest 2.6% gain over the past week. Importantly, price has held above the $3,100 level for several consecutive sessions — a sign of strength rather than exhaustion.
This sideways movement appears intentional, not random. Ethereum is compressing near critical technical levels, a condition that often precedes major breakouts. The next decisive move will depend on whether returning buyers can convert this consolidation into a continuation of the broader uptrend.
Bull Flag Pattern Remains Intact
From a technical perspective, Ethereum continues to trade within a bull flag formation. This pattern typically forms after a strong upward move, followed by a period of tight consolidation before price attempts another leg higher. Rather than signaling weakness, the structure suggests controlled consolidation.
The bullish setup remains valid as long as ETH holds above the $3,090 support level. A daily close below this area would weaken the pattern, but so far, buyers have consistently defended it. Multiple rebounds from this zone indicate that selling pressure is being absorbed rather than accelerating.
A decisive daily close above $3,130 would serve as the first confirmation of a breakout. Such a move would signal that consolidation is ending and bullish momentum is returning. Until then, Ethereum remains compressed — but technically constructive.
Selling Pressure Continues to Decline
On-chain data further support the bullish thesis. Holder Net Position Change data show that distribution from long-term holders is slowing. On December 12, roughly 958,771 ETH were distributed, while by December 13, net selling declined to approximately 877,958 ETH — an 8.4% reduction in selling pressure within 24 hours.
While Ethereum is still experiencing net distribution, the slowdown in selling near resistance levels is notable. This behavior is more commonly seen during late-stage consolidation phases rather than breakdowns. Price stability despite ongoing distribution suggests that buyers are willing to absorb supply.
If Ethereum secures a daily close above $3,130, the next key resistance lies near $3,390. A break above that zone could open the path toward the $4,000–$4,020 range, aligning with the projected move from the bull flag structure.
On the downside, a drop below $3,090 would weaken the bullish setup, while a daily close under $2,910 would invalidate the pattern entirely.
