According to the latest analysis, Ethereum (ETH) is facing a significant resistance at $3500. Since July 16th, it has been struggling at this price level. A key factor is that approximately 3.13 million addresses bought ETH at an average price of $3547. However, due to these addresses being in a loss position, they may increase selling pressure in the market, thereby hindering ETH's efforts to break through this critical price level. Investors need to closely monitor this dynamic.