Ethereum Struggles Below $2,800 as Bears Tighten Their Grip

• Ethereum struggles below $2,800, facing strong resistance as bearish momentum builds and selling pressure intensifies.
• Key support at $2,316.46 is critical, and a breakdown could push ETH toward the $2,100 zone if bears maintain control.
• Bulls need strong volume to reclaim $2,815.41, but repeated rejections signal continued weakness in Ethereum’s price action.

According to analyst Daan Crypto Trades, Ethereum (ETH) was unable to break the crucial $2,800 resistance level. The level has remained strong over the past few weeks. Shortly after Bybit announced it hedged losses from a recent hack, ETH experienced a dramatic sell-off. Ethereum now trades at $2,339.59, lower by 6.91%. The daily chart registered a high of $2,530.52 and a low of $2,319.86, indicating heightened volatility.

Key Resistance and Support Levels

Ethereum encountered resistance around $2,851.51 and $2,815.41. These levels previously acted as support, and rejection from this zone fueled further declines. Moreover, The recent bottom is in line with the Fibonacci retracement level of 0.786 at $2,316.46, indicating a critical region of interest. The next support for Ethereum is located between $2,151.26 and $2,103.14 if it is unable to maintain this level.

Ethereum is having trouble holding levels above $2,900, as per historical price movement. Repeated rejections near $2,923.20 have weakened bullish sentiment. A breakdown below $2,166.43 could open the door to testing the $2,103.14 range. If bears gain more control, further downside momentum is likely.

Market Sentiment and Trend Outlook

ETH has been registering lower lows and lower highs, reflecting consistent weakness. In addition, trading volume spiked in the last price drop, reflecting increasing selling pressure. Ethereum must break above $2,815.41 to return to bullish momentum. Alternatively, bearish pressure will persist.

The larger range between $2,100 and $2,800 is where Ethereum is consolidating awaiting its next major move. However, bulls need strong buying volume to break key resistance levels.

Long-Term Resistance and Future Prospects

Ethereum’s upper resistance at $4,081.48 remains at long-term target. However, recent bearish momentum weakens the chances of a quick recovery. Bulls must reclaim higher levels to shift the trend. In contrast, continued downward movement could drive ETH towards lower support zones. Ethereum needs to establish a stronger support base before any potential breakout. Until then, bearish sentiment dominates, and ETH must clear $2,815.41 for any meaningful recovery.