Ethereum is approaching a significant resistance level at $1,860, where a dense cluster of investor activity could pose a barrier to upward momentum, according to analyst Ali Martinez.
Data reveals that 4.54 million wallet addresses are currently holding a combined 5.58 million ETH bought between $1,805 and $1,857 — a zone now identified as a key sell-pressure region.
At the time of writing the post, Ethereum was trading at $1,803, just below the resistance zone.
The on-chain chart visually maps wallet profitability, with red bubbles representing addresses “out of the money” — or holding ETH above the current price.
The largest red cluster highlights the $1,860 region, indicating a potential area where holders may be eager to break even and sell.
Meanwhile, only 44.23% of ETH holders are currently in profit, with 54.90% still in the red, creating a cautious trading environment. Roughly 15.08% of the total volume is concentrated in this resistance band alone, making it a key level to watch.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-faces-major-resistance-5-58m-eth-held-by-4-54m-wallets/