Analysis: $3,500 is the key resistance level for Ethereum, as more than 3.1 million addresses hold it at a high level

According to BlockBeats, on July 22, IntoTheBlock data analysis showed that Ethereum has been struggling to break through the $3,500 resistance level since July 16. A major factor contributing to this challenge is that 3.13 million addresses purchased 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.