Ethereum slipped nearly 1% over 24 hours after a failed breakout turned into a bull trap.
ETH broke out of an inverse head-and-shoulders pattern in mid-January but stalled soon after.
On-chain data showed a dense cost-basis sell wall worth about $4 billion near the $3,490–$3,510 zone.
More than 1.19 million ETH were previously accumulated around $3,500, creating heavy overhead resistance.
Selling pressure intensified near $3,407 as holders attempted to exit at break-even levels.
Large Ethereum holders increased exposure following the breakout despite rising resistance.
Whale balances grew by roughly 1.04 million ETH, equivalent to nearly $3 billion in accumulation.
Whale buying failed to offset strong ETF selling pressure during the same period.
Ethereum ETFs recorded net outflows of more than $611 million in the week ending January 23.
The combination of ETF outflows and cost-basis resistance accelerated the price reversal.
Ethereum has now fallen almost 16% from its post-breakout highs.
A daily close below $2,773 would fully confirm the bull trap and expose deeper downside risk.
Bulls must reclaim $3,180 to stabilise structure and signal renewed demand.
At the time of reporting, Ethereum price was $2,871.62.