Ethereum (ETH) Price Analysis: How Long Till ETH Reclaims $3,000?

Ethereum continues to exhibit bearish tendencies on the daily chart after recently hitting a yearly low. Although it has experienced a modest recovery, the price is now caught in a consolidation phase, with the potential for a significant drop if selling pressure increases.

Since Ethereum was rejected at $2,780 last week, it has struggled to regain momentum, hindered by sharply reduced volatility.

The daily chart shows choppy price action, but today, Ethereum has shown some positive movement, currently trading at $2,644. A weekly close above the $2,780 resistance could pave the way for further recovery.

However, over the past two weeks, the market has remained in a consolidation phase. Despite this, the bearish outlook remains strong on the daily timeframe, with $2,516 providing weekly support.

A break below this key support could trigger a substantial decline, potentially driving the price down to $1,700—a continuation of the major bearish trend that began at $4,000 in May. At present, ETH’s supply levels are relatively low.

Market interest appears to be waning. If the bulls wish to regain control, they will need to reclaim May’s high to signal a potential trend reversal. For now, it seems more likely that the bears will dominate in the coming days.

Key Levels To Watch For ETH Price? 

Breaking down the aforementioned weekly support, the next barrier level to anticipate for a bearish move is $2,310 along with the monthly $2,110 low. A further dip could bring us to a new yearly low of $1,904.

If ETH pushes above last week’s high, the next target level for buying would be $3,088. The $3,400 and $3,563 levels are the next resistance to watch for a slight market shift.

Key Resistance Levels: $2,780, $3,080, $3,400

Key Support Levels: $2,516, $2,310, $2,111

• Spot Price: $2,644
• Trend: Neutral-Bearish
• Volatility: Moderate

While the ETH market outlook remains bearish, the price is currently struggling within a consolidation phase. A potential recovery is possible if key resistance levels are breached, the overall sentiment suggests that the bears are still in control.

The break below critical support could lead to further declines, making the coming days crucial for determining the next direction of the trend. Traders should remain cautious and watch for any significant moves that could signal a shift in market dynamics.