Ethereum took a major hit last Monday, dropping 25% in a single day – the biggest one-day drop ever! But it bounced back quickly, which was a bit surprising.
The $2,800 Hurdle
The problem? Ethereum is stuck. It’s trading just below $2,800, a major resistance level. Crypto analyst Daan points out that Ethereum keeps hitting this wall and can’t break through. This level is super important; breaking it is key to any real recovery. If it can’t break through, things could get worse.
What Happens Next?
Right now, Ethereum is kind of in limbo. It needs to find a higher low – basically, a new support level – to either start trading sideways or finally break out. Daan thinks it might trade sideways for a while to figure things out.
The next few days are crucial. If Ethereum can’t hold above its current price and push past $2,800, it could fall further. But if it manages to break through, it could signal a bullish turnaround.
Current Price Action and Key Levels
Ethereum is currently trading around $2,640, having failed to break above $2,700 since Friday. The price is facing strong resistance between $2,700 and $2,800. This is a major supply zone that’s been holding the price down.
To turn things around, Ethereum needs strong buyer support at current levels and a decisive break above the $2,700-$2,800 resistance. If it can’t hold above $2,600, a deeper correction could be on the cards, potentially dropping to $2,500 or lower. The $2,600 level is a critical support level to watch. For now, the outlook isn’t great, and the next few days will be decisive.
