Recently, traders watching Ethereum's movements might have a feeling — the candlestick chart has been oscillating around $3,200, looking neither up nor down. But don't be mistaken; this apparent "boredom" actually hides deeper signals. Beneath the surface, technical pressures and capital flows are colliding fiercely — whoever can't hold on first will have to admit defeat.

**Why is the $3,350 level so difficult to break through?**

Ultimately, multiple forces have formed an "iron wall" here.

From a technical perspective, the $3,350 to $3,650 range is not simple. It's repeatedly hit as a resistance during this year's rebounds, with dense accumulation of positions; at the same time, it coincides with the 200-day long-term moving average — for traditional technical analysts, this is the bull-bear dividing line, and its suppressive power is no joke.

Psychologically, investors trapped in this zone are now seeing a rebound and immediately thinking of exiting. Meanwhile, new bullish positions are also taking profits here. The double selling pressure effect stacks up — every time the price approaches $3,350, a noticeable sell-off can be felt.

There’s also a detail often overlooked — the derivatives market. Above this region, there's a pile of call options. Market makers, in order to hedge risks, tend to suppress the spot market price. In simple terms, they give you a kick when you’re trying to push higher.

**The key question is: can it break through, and what does a breakout mean?**

$3,350 is no longer just a price level; it has become a litmus test for market confidence. Once the price effectively stabilizes above this level, the technical pattern will undergo a complete reversal, and market sentiment will follow. The symbolic significance of this breakout is far more important than the number itself.