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.
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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 Prepares For Decisive Move Below $2,800
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.
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Daan suggests that from this point, Ethereum might form a range, which will help reassess its next…
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