Ethereum tests critical support as long-term holders exit positions, causing a 20.74% drop in price and a shift to lower market structure. Price hovers at $3,162 after losing key levels, with momentum indicators resetting and ADX signaling trending conditions. The main question for traders: will support at $3,056 hold or is a deeper correction ahead?

ETH shed 15% over the past month, finding footing near $3,532 after touching weekly lows at $3,058. JPMorgan’s tokenized banking push on Base signals institutional adoption momentum despite price weakness. Technical structure shows price compression between declining resistance and rising support.