$ETH Battles $2,800 Wall — Are the Bulls Finally Breaking Through?
Ethereum has faced a modest pullback over the past 24 hours, as broader crypto markets react to renewed tensions in US-China trade discussions. After briefly dipping below $2,550, ETH has managed a short-term rebound, reigniting hopes for another push toward a critical resistance level. According to top analysts, the $2,800 mark has historically served as a pivotal price zone for Ethereum — acting as a launchpad for major rallies or steep corrections depending on how the market reacts to it.
Following the crypto market's deep correction that dragged ETH down to $1,400, prices climbed to nearly $4,000 by late 2024. Since the recovery began in April, Ethereum has been rejected at $2,800 once already, reinforcing this level as a significant barrier. With ETH now bouncing back from weekly losses, market watchers believe another test of this key resistance could be imminent. Renowned crypto analyst Daan Crypto suggests that a decisive breakout above $2,800 could spark a strong upward trend, potentially pushing ETH back toward its $4,000 cycle high.
Meanwhile, network activity has shown mixed signals. Analytics firm Sentora reported a 2.3% decline in Ethereum’s weekly network fees, hinting at reduced transaction volume and on-chain activity. However, investor sentiment appears undeterred — with $516 million in net outflows from exchanges, many ETH holders are opting to move their assets into self-custody, often a sign of long-term confidence.
As of now, Ethereum trades at $2,514, marking a 3.58% drop in the last 24 hours. Still, the bigger picture remains bullish, with ETH up over 43% for the month and maintaining its spot as the second-largest cryptocurrency with a market cap of $311.69 billion. If bulls manage to overcome the $2,800 barrier, Ethereum could be poised for a major leg up in the coming weeks.