Ethereum ($ETH ) has surged to a three-month high of $2,700, placing the average investor back in profit and reviving hopes for a breakout toward $3,000. But analysts warn that key resistance around $2,800 could trigger heavy selling.
According to blockchain analytics firm Glassnode, ETH’s recent rally above its realized price of $1,900 — the average cost basis for all tokens — signals a renewed bullish trend. The move has also pushed Ether above its True Market Mean of $2,400, indicating strong inflows from active investors.
“The $2,400–$2,900 range remains a crucial area for Ethereum, acting as both a resistance zone and a potential breakout level essential for maintaining upward momentum,” said Glassnode in a May 21 report.
Still, technical analysts note a looming hurdle: nearly 2.27 million ETH were purchased at an average price of $2,767, suggesting many holders may look to exit at break-even. That could stall further upside unless bulls decisively flip the $2,800–$3,000 zone into support.
Popular trader Daan Crypto Trades echoed this sentiment, stating, “Not looking to do much until we at least convincingly break out of this local range.”
On the upside, inflows into spot Ethereum ETFs — totaling $100.7 million over the past three days — could provide continued buying pressure. On the downside, failure to hold above $2,400 risks a retreat to $2,200 or even $2,000, erasing recent gains.
For now, Ethereum trades at $2,572, with traders watching closely to see whether bulls can clear key resistance — or whether the $3K dream will remain out of reach.
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