Ethereum’s journey toward the $4,000 price level faces significant headwinds, primarily from a notable decline in treasury demand and a formidable technical barrier. On-chain data reveals a substantial drop in accumulation from large-scale institutional wallets and treasury entities, a shift that removes a key source of buying pressure that previously supported the asset’s price floor. Concurrently, Ether’s price action is confronting a well-defined zone of overhead resistance clustered between $3,100 and $3,200. This price band has historically acted as a supply zone, where previous buyers may look to exit positions, creating selling pressure that stifles upward momentum. Market analysts suggest that overcoming this combined fundamental and technical challenge is critical for any sustained bullish trend. Without renewed institutional interest to absorb available supply, breaking through the $3,200 ceiling could prove difficult, potentially prolonging consolidation and delaying a meaningful test of higher price targets. The current market structure indicates that Ether’s recovery narrative is on pause until these immediate obstacles are decisively cleared.
