Ethereum is currently trading at around $3,110, up around 0.5% over the past 24 hours, as its price has stabilized in a narrow range price compression phase. The daily trading volume is around US$6.5 billion, while Ethereum maintains its position as the second largest cryptocurrency with a market capitalization of around US$375 billion.
On the surface, this measure seems modest. But deep down, the structure suggests that something more intentional is taking shape.
Since late December, Ethereum has made consistently higher lows, maintaining its position above the ascending trendline despite numerous downside attempts. This behavior generally reflects accumulation and not exhaustion, especially when price refuses to break through key support zones.
High queue signals for storage indicate tight supply
The data recorded on the blockchain adds an important dimension to the technical picture. According to data from ValidatorQueue, the number of people in the Ethereum Beacon Chain staking queue has increased to 1.759 million ETH, equivalent to approximately US$5.5 billion, the highest level since August 2023. New validators now face a waiting period of over 30 days before their validators can be activated.
At the same time, the exit queue has dropped to zero, meaning there is no big wave of depositors rushing to leave. In other words, more ETH is waiting to be locked into the stake, while there is no significant amount waiting to be released. This dynamic reduces the available liquid supply as the price contracts near the resistance level.
Ethereum Price Forecast: Technical Chart Structure Indicates Growing Pressure
Technically, the price of Ethereum is consolidating strongly. The price is stuck between an ascending trendline and a descending range formed by the 50-day and 100-day exponential moving averages, which began to stabilize near $3,110. This convergence is often preceded by an increase in volatility.
Momentum indicators support this setup. The RSI has recovered from oversold levels and is now above 55, indicating improving upward pressure without excessive rallying.
Candlestick patterns over the past few sessions show a repeat of the long lower wicks around $3,050-$3,070, reinforcing the idea that buyers are entering the market early rather than waiting for deeper corrections.
Ethereum’s trading future hinges on a breakout of the $3,180 level
Using TradingView’s trajectory forecast, a sustained close above $3,180 is likely to confirm a breakout of the resistance level, opening the way for a move towards $3,250, followed by a retest of the $3,300 area. If momentum picks up, an expansion towards $3,380-3,420 makes technical sense.
From a business perspective, this structure favors patience over prediction. The strength above the resistance level is greater than expectations.
As demand for storage increases and scale continues to decline, Ethereum looks less like a market losing momentum and more like a market preparing for its next phase of growth, which is often the type of environment in which early positioning begins to matter the most.
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The article Ethereum Price Forecast: Ethereum Price Nears $3,110 With $5.5 Billion Accumulated In Storage Queue, Raising Chances Of Upside appeared first on Cryptonews Arabic.