Ethereum (ETH) is the second largest cryptocurrency by market capitalization, and it has experienced significant fluctuations in recent months. After reaching a new all-time high at the end of 2021, the price of ETH is facing resistance, and long positions are currently working hard to regain the level of $3,400. As we approach 2025, everyone's attention is focused on the next move of Ethereum. Will long positions succeed, or will the price face a deeper pullback?

The Meaning of 3.4K Dollars

In recent months, the $3,400 level has become a key level for Ethereum. This level is not only a psychological barrier, but also a technical resistance point. Ethereum has tested this price level multiple times, but has struggled to maintain momentum above it. If long positions successfully break through and hold above $3.4K, it indicates strong strength and may lay the foundation for a new bullish trend towards higher resistance levels, such as $3,800 or even $4,000.

The sustained struggle at this price point reflects investors' sentiment and broader market uncertainty. Factors such as the increased adoption of Ethereum's Layer 2 solution, successful integration of ETH 2.0 upgrade, and positive macroeconomic conditions may support its continued push past $3.4K.