IntoTheBlock monitors that Ethereum is facing a key resistance level at $3,500, and since July 16, Ethereum (ETH) has been struggling to break through the resistance level at $3,500. A major factor contributing to this challenge is that 3.13 million addresses bought ETH at an average price of $3,547. These addresses are holding at a loss, increasing selling pressure and making it difficult for ETH to break through this key level.