Ethereum price recently encountered resistance at the $3,700 level after a significant accumulation of 869,000 ETH in a tight range around $3,662-$3,678. This clustered supply has contributed to selling pressure as prices approach this key zone again. Analysts suggest that the market is struggling to break past this mark. On-chain data shows that traders acquired a substantial amount of Ethereum near this price band. Ethereum’s recent move brings it into proximity with a CME gap at $3,434. This gap has historically acted as a significant point for price action in new trading weeks. The market is now awaiting the beginning of the week to assess if ETH will fill this gap or remain in a range-bound environment. 869,000 ETH accumulated near this resistance level creates pressure as prices approach it again. Key support levels lie at $2,800-$4,100 where high trading volume supports price movements.