Now Ethereum sits between a textbook double top and one of its heaviest on-chain support zones. Traders are asking whether the $3,150 cluster will absorb the selling or confirm a deeper breakdown from the recent peak.
Ethereum Charts Flash a Textbook Double Top
Ethereum shows a clear double-top formation on the daily chart, with two failed attempts near the same resistance zone. The pattern appears at the 2021 peak and again in late 2025, where price stalled around the $4,500 area before turning lower. The symmetry between the two highlighted tops reinforces the technical significance of this region as heavy overhead supply.
Ethereum Double Top Pattern. Source: Barchart on X
As the pattern completes, ETH has already pulled back toward the $3,100 zone, where traders watch for confirmation of further downside. A double top often signals a shift in trend when price breaks below the midpoint support, and Ethereum is now testing that zone. The structure places attention on whether buyers can step in before the neckline gives way.
The formation also comes at a moment of broader market uncertainty, adding weight to its implications. If ETH fails to stabilize above current levels, the pattern suggests increased risk of continued selling pressure. However, any strong rebound from the neckline would signal that buyers still defend the range, keeping the longer-term trend intact.
Meanwhile, Ethereum Gains Support as On-Chain Data Shows Heavy Buying
At the same time, new on-chain metrics highlight a strong support zone forming near $3,150. Glassnode’s cost-basis heatmap shows more than 2.5 million ETH acquired in this band, marking it as one of the cycle’s densest accumulation clusters. The data reflects where a large share of holders entered the market, offering a clear gauge of sentiment as Ethereum pulls back from its recent highs.
ETH Cost Basis Distribution Heatmap. Source: X
In addition, a major whale continues to build an aggressive leveraged long position on Aave. Arkham reported that the address now holds $1.42 billion in ETH, backed by roughly $467 million in borrowed stablecoins. The position increased by about $200 million since the firm’s previous update, underscoring how committed the buyer remains despite the broader market cooldown.
ETH Whale Long Position on Aave. Source: Arkham
These combined flows strengthen the argument that Ethereum has a defined base at current levels. Heavy accumulation near $3,150, visible on the heatmap, aligns with the whale’s repeated purchases and signals concentrated demand. As ETH trades inside this cluster, analysts watch whether the support holds and whether leveraged positioning stabilizes after weeks of rapid additions.
