Ethereum (ETH) has been trading within a narrow range for the past three weeks, struggling to surpass key resistance levels. On-chain data reveals a decrease in the percentage of ETH supply in profit, dropping from 99% to 80%, indicating a growing number of holders are experiencing losses. Despite this, long-term holders are accumulating, with 200,000 ETH, valued at $780 million, withdrawn from exchanges in the last 48 hours, reducing total exchange reserves to $61 billion. This reduction in liquidity could signal a potential bullish trend, yet the market faces mixed signals as buying pressure has turned negative for the first time since Q2, suggesting increased seller control. The critical focus is on whether ETH can maintain its support at $3,900, as the market debates if the current consolidation is a healthy adjustment or an early sign of capitulation.