Ethereum Faces Familiar $2,800 Price Barrier– Bulls Ready For Breakout?
The Ethereum market has seen a modest rate decrease in the past day as the more comprehensive crypto market responds to news of US-China trade talks potentially yielding an unfavorable outcome. In the middle of this decrease, Ethereum costs have dipped to around $2,550 before showing a minor rebound in the previous couple of hours.
Renowned market expert with X username Daan Crypto mentions the altcoin now faces a major cost resistance, the outcome of which is influential on the future cost trajectory. Why Ethereum Bulls Should Recover Essential $2,800 Zone– Analyst In an X post on Might 30, Daan Crypto shares an insightful technical analysis that suggests Ethereum is now facing a substantial rate barrier at $2,800 cost zone. Especially, the popular analyst explains that $2,800 has shown to be a crucial rate level in the ETH market no matter the price trend. Historically, a definitive close above or listed below this zone has typically led to significant cost movement in the corresponding directions. This instance was seen when prices traded as high as $4,000 in late 2024 followed by a prolonged market correction which forced prices as low as $1,400. Given that the crypto market rebound began in April, Ethereum has already faced one rejection at $2,800 indicating the presence of robust selling pressure at this price zone. With the altcoin now recovering from its latest dip in the previous week, Ethereum bulls are now expected to take another swipe at this essential resistance level. Daan Crypto nudges investors to see this price level as a successful breakout would indicate significant price gains ahead. At the very least, the altcoin becomes likely to reclaim the $4,000 price zone which represents the peak price of the current bull market.
Ethereum Network Charges Fall By Over 2% In other news, prominent blockchain analytics firm Sentora reports the Ethereum network saw a 2.3% decline in weekly network fees suggesting a fall in transaction numbers as well as general network engagement. However, exchange net outflows of $516 million strongly indicate that ETH investors still remain bullish as they choose to move their holdings into personal wallets despite the recent price fall. At the time of writing, Ethereum continues to trade at $2,514 reflecting a price decline of 3.58% in the previous day. Market gains of 43.22% on the monthly chart respectively suggest the current market trend remains bullish. With a total market cap of $311.69 billion, Ethereum is ranked as the second-largest cryptocurrency and largest altcoin in the world.
