Bull Flag Pattern Emerges as Ethereum Holds Critical $3,090 Support Level

Ethereum is holding above $3,100 as a technical pattern suggests accumulation may be nearing completion. The cryptocurrency has traded flat over 24 hours while posting a 2.6% gain across the past week, with price action compressed near levels where breakouts historically form.

What Happened: Technical Formation

Ethereum appears to be consolidating within a bull flag pattern, a formation that occurs when price pauses in a narrow range following a strong upward move.

The structure remains valid as long as ETH holds above $3,090, with repeated bounces from this zone indicating buyers continue defending support.

A daily close above $3,130 would mark the first confirmation that the consolidation phase is ending. Price has absorbed selling pressure during recent pullbacks without breaking below key support, suggesting strength rather than exhaustion despite the sideways movement.

Why It Matters: Distribution Slowing

On-chain data shows Ethereum holders distributed approximately 958,771 ETH on Dec. 12, but net selling declined to roughly 877,958 ETH by Dec. 13.

This represents an 8.4% reduction in selling pressure within 24 hours, a shift that typically appears during late-stage consolidation rather than breakdowns.