Ethereum (ETH) Rebounds, But $2.7K Breakdown Still Possible

Ethereum is trading above $3,050 after reclaiming the $3,000 level earlier in the day. The move followed a drop to $2,800 last week, which marked the recent low. The asset has since recovered, but resistance near $3,150 remains in focus.

Resistance Zone in Play

Analyst Kamran Asghar shared a 4-hour ETH chart showing price approaching the $3,150–$3,200 range. This zone has acted as resistance in previous moves.

Notably, the chart outlines a possible rejection from this level, which could push ETH back toward the $2,750–$2,800 support range. That zone has seen multiple reactions and remains a key level to monitor. ETH is still moving higher for now, but the resistance zone may slow momentum.

Furthermore, Lennaert Snyder shared two setups based on the current structure. One involves a retest of $3,000 as support before continuation.

He added that a more cautious plan is to wait for the asset to revisit the $2,870 zone. In that case, he would look for a short-term long if the area holds, or consider shorting the move if ETH breaks below $2,970. His view reflects a split approach depending on how the price reacts around current levels.

Price Structure Below Key Moving Average

Ethereum is still trading below the 200-day EMA, now around $3,400. Analyst Altcoin Sherpa compared the current 30-day range to a longer consolidation phase seen in late 2023. That earlier period lasted over 90 days and followed a similar pattern of slow recovery and low volume. “Same vibes as before,” he said, suggesting that ETH may continue to move sideways for now.

While the price has recovered from recent lows, ETH remains under the moving average, which still acts as a barrier for longer-term trend shifts.

Whale Activity and Network Signals

CryptosRUs reported that wallets holding over 10,000 ETH have been adding to their positions since July. They noted that these wallets tend to buy when prices are weaker.

Meanwhile, Ali Martinez shared data showing large wallets had offloaded $360 million in ETH over the past week, as previously reported. Their total holdings dropped from 5.73 million tokens to 5.61 million since early October.

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