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.
The easing distribution near resistance without price deterioration increases the probability of buyer participation once a breakout confirms. If Ethereum secures a close above $3,130, the next resistance sits near $3,390, with a measured move from the bull flag structure targeting the $4,000-$4,020 area.
A close below $3,090 would weaken the bullish structure, while a drop under $2,910 would invalidate the pattern completely.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
