Ethereum (ETH) is at a critical technical juncture, testing key support levels after failing to breach significant resistance. The cryptocurrency is currently hovering around the $2,900 to $2,950 range, a zone analysts identify as a crucial support area following a pullback from a test of the $3,300 resistance level.
Key resistance zones are clearly defined. The $2,700–$2,800 area has acted as a short-term ceiling, with ETH facing heavy selling pressure on multiple attempts to break above. The $3,000 level represents a major psychological and historical resistance point from past cycles, where a close above with volume could trigger a bullish breakout. Further resistance sits at $3,500, a level from previous market tops, and a higher supply band is noted near $3,600.
On the support side, the immediate test is the $2,900–$3,000 zone. A break below could shift focus to the next key support near $2,800. Deeper, more significant support levels include $2,400 (a recent local bottom), $2,100 (a strong mid-range consolidation area), and the major structural support from the previous bear market at $1,800.
Analysts are applying the Wyckoff method to the price action. A chart from analyst Bitcoinsensus shows Ether trading near $2,920 and highlights the current area as a potential "last point of support" (LPS) within a Wyckoff accumulation setup. The analysis projects a potential path that involves holding support, a breakout labeled as a "sign of strength" (SOS), and an eventual climb toward $5,000 and above, contingent on reclaiming the upper boundary of the current trading range.
The daily chart perspective from That Martini Guy frames the current level as a decision point. A sustained move back above $3,300 would reopen the path toward $3,600, while confirmed weakness below $2,900 could expose the $2,800 support. At the time of analysis, ETH was trading around $2,948 on Binance, reflecting modest session losses. The market's next move from these defined technical levels is seen as pivotal for setting the near-term tone.
