Ethereum is approaching a critical resistance level between $3,000 and $3,100, where a significant sell-off could occur if the price breaks through $3,100. Approximately 4.1 million Ethereum addresses have been holding ETH at a loss over the past six months, with the potential for these holders to sell once the price recovers to $3,100. This level is seen as a key point where selling pressure may increase, impacting Ethereum's price trajectory.