Ethereum Bull Flag Takes Shape as Price Holds Above $3,090 Support

Ethereum's price action has been compressed near levels where breakouts historically form, as it consolidates within a bull flag pattern.

The cryptocurrency has traded flat over 24 hours while posting a 2.6% gain across the past week.

A daily close above $3,130 would mark the first confirmation that the consolidation phase is ending, and price has absorbed selling pressure during recent pullbacks without breaking below key support at $3,090.

This suggests strength rather than exhaustion, despite the sideways movement. On-chain data shows Ethereum holders distributed approximately 958,771 ETH on Dec. 12, but net selling declined to roughly 877,958 ETH by Dec. 13.

This represents an 8.4% reduction in selling pressure within 24 hours, a shift that typically appears during late-stage consolidation rather than breakdowns.