Ethereum (ETH), a major player in the cryptocurrency market, is currently encountering a strong resistance level at $3,200. This resistance is significant due to the large number of addresses holding Ethereum, totaling 2.43 million addresses with 5.14 million ETH.

As of April 29, the latest market data shows Ethereum's price at $3,172.98, reflecting a 4.5% decrease in the past day and a 0.9% decline over the last week. Despite these fluctuations, Ethereum maintains a market capitalization of $15.2 billion. The ETH/BTC ratio has remained stable since the launch of Bitcoin ETFs in January, indicating Ethereum's ability to attract investor interest.

Market analyst Michaël van de Poppe has observed a positive trend for Ethereum, noting its strongest ratio against Bitcoin in the past two weeks. This could suggest a shift in market sentiment favoring Ethereum over Bitcoin.

The resistance at $3,200 for Ethereum represents more than just a numerical barrier. It involves historical trading patterns, asset accumulation, and market sentiment. Surpassing this resistance level would require favorable market conditions and a change in investor sentiment. This shift could be driven by overall market recoveries or positive developments within the Ethereum network.

Please note that the information provided should not be considered investment advice, as investing in cryptocurrencies carries inherent risks.