$ETH
🚨 Why Ethereum Bulls Must Reclaim Pivotal $2,800 Zone – Analyst 🚨
In an X post on May 30, Daan Crypto shares an insightful technical analysis that indicates Ethereum is now facing a significant price barrier at $2,800 price zone.
Notably, the popular analyst explains that $2,800 has proven to be an important price level in the ETH market regardless of the price trend. Historically, a decisive close above or below this zone has often led to significant price movement. in the corresponding direction. This instance was seen when prices traded as high as $4,000 in late 2024 followed an extended market correction which forced prices as low as $1,400.
Since the crypto market rebound began in April, Ethereum has already faced one rejection at $2,800 indicating the presence of a robust selling pressure at this price zone. With the altcoin now recovering from its most recent dip in the past week, Ethereum bulls are now expected to take another swipe at this key resistance level. Daan Crypto nudges investors to watch this price level as a successful breakout would signal major 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.