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Ethereum experienced its most aggressive selling pressure in history last Monday, with the price plunging 25% in a single day. This dramatic drop shook the entire market, leaving investors on edge. However, Ethereum quickly rebounded, erasing the entire drop within hours, sparking optimism for a recovery. Despite the swift rebound, Ethereum now faces significant risks as it trades slightly below a critical resistance level, raising concerns about its ability to maintain upward momentum.

Top crypto analyst Daan shared a technical analysis highlighting that Ethereum is once again respecting the $2,800 level but failed to push through on its first test. This resistance level has become a focal point for bulls, as reclaiming it is essential for any sustained recovery. According to Daan, the $2,800 mark is crucial in determining Ethereum’s next move, with the potential to either reignite bullish momentum or lead to further consolidation and declines.

With the market still grappling with uncertainty, all eyes are on Ethereum’s ability to reclaim this key level. Bulls must hold strong to prevent another wave of selling pressure, as the coming days will likely shape the cryptocurrency’s short-term trajectory and determine if it can sustain its recovery.

Ethereum is trading below the $2,800 mark, and it appears to be gearing up for a decisive move that will shape its short-term direction. Investor sentiment around Ethereum remains bearish, with many growing frustrated by its inability to reclaim key levels. Hopes for a rally for the second-largest cryptocurrency are dwindling as price action continues to disappoint.

Daan shared a technical analysis on X, highlighting Ethereum’s repeated failure to break through the $2,800 resistance level. “ETH is respecting the $2.8K level as resistance yet again and failed to push through on the first test back up there,” Daan stated. 

The current price action leaves Ethereum in a kind of “no man’s land,” making it essential to determine where a higher low might be created. This higher low could serve as a foundation for either a range-bound movement or a potential breakout.

Daan suggests that from this point, Ethereum might form a range, which will help reassess its next move. The coming days will be crucial for Ethereum as traders and investors closely monitor whether the cryptocurrency can establish support at lower levels or stage a breakout above $2,800. Failing to reclaim this key level could prolong the bearish trend and lead to further declines, while a successful breakout could spark renewed bullish momentum.

Ethereum is currently trading at $2,640 after failing to push above the $2,700 mark since Friday. Bulls appear to have lost momentum, with the price facing strong resistance between $2,700 and $2,800. This key supply zone has capped Ethereum’s upward movement, leaving the market in a state of uncertainty.

To regain bullish momentum, Ethereum must find strong demand at current levels and break above this critical resistance zone. Reclaiming these levels as support would be the first step toward reversing the bearish trend that has gripped the market since late January. Without such a move, Ethereum remains vulnerable to further downside risks.

If Ethereum fails to hold above $2,600 in the coming days, the price is likely to experience a deeper correction. A drop below this level could push ETH into lower demand zones, testing support around $2,500 or lower. Traders and investors will be closely watching the $2,600 level as a critical threshold for Ethereum’s next move.

For now, the outlook remains bearish, and the coming days will be crucial in determining whether Ethereum can muster the strength to reclaim key levels or whether further declines are on the horizon.

Featured image from Dall-E, chart from TradingView

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