Ethereum's price is struggling to break through the $3,700 resistance level due to significant on-chain supply pressure. Over 868,766 ETH are held in the $3,662 to $3,678 range, creating a substantial supply barrier. Currently, Ethereum is trading around $3,414, confined within a range of $3,150 to $3,700. On-chain data from Glassnode indicates repeated rejections at the $3,700 mark, highlighting persistent selling pressure. Additionally, Ethereum's protocol revenue has seen a sharp decline, dropping 63.9% since early October, further impacting market dynamics. Key support levels are noted at $3,285 and $3,150, with long-term resistance levels at $5,766, $6,658, and $9,547.