Ethereum is currently trading at a level that is under close watch by many traders. After facing resistance, the cryptocurrency is holding just above a critical support line aligned with key technical indicators. The price movements around the $2,700 mark are likely to dictate the next steps for the asset.

Ethereum Holds Near Key Support Level

ETH is priced at $2,870 at this moment, reflecting a 2% increase in the last 24 hours but a 6% decrease over the past week. The focus is now on the $2,700 level. According to Bitcoinsensus, Ethereum is within a Wyckoff re-accumulation structure, having transitioned into the ‘Last Point of Support.’ Remaining above this level preserves the bullish framework.

“$2,700 per $ETH is key to hold,” they noted.

If ETH can maintain stability above this mark, further upward momentum may lead to targets above $5,600. Conversely, falling below this price could undermine the established structure and pivot the trend.

Chart by Bitcoinsensus

Additionally, Mister Crypto posted a chart that indicates a bullish divergence on Ethereum, suggesting that while the price has reached lower lows, the RSI has printed higher lows, hinting at a potential shift in momentum.

“BULLISH DIVERGENCE ON $ETH!” - shared alongside the chart, indicating a noteworthy signal that, although not definitive for a reversal, typically precedes trend adjustments when corroborated with supportive data.

Rejection at Resistance Triggers Short Setups

The dominant altcoin encountered a halt near the resistance range of $2,950 to $3,000 earlier. Ted noted, “ETH got rejected from the $2,950–$3,000 resistance zone,” adding that a retest of the $2,800 support is likely. If the broader market rebounds, ETH may bounce back.

Lennaert Snyder also pointed to the setback around $2,880.

“This means our short scenario got triggered,” he remarked.

For traders interested in new long positions, he recommends monitoring the movements around $2,680 or a sweep below $2,620, asserting that “there’s still a daily demand zone at ~$2,570” which he will be watching for price reactions.

Some analysts assert that Ethereum has returned to a price point that previously defined a trading cycle, suggesting that a dip to $2,800 may present an ideal buying condition if the current structure is upheld. Expectations continue to circulate regarding price targets nearing $9,000 based on the continuation of wave patterns.

Treasuries Accumulate ETH During Pullback

While retail wallets exhibit selling tendencies, larger holders have been increasing their positions. BitMine, led by Tom Lee, recently acquired 70,000 ETH last week, amplifying its total holdings to 3% of the entire supply, with its stock surging by 20% as ETH values stabilized. StrategicEthReserve also reported that digital asset treasuries possess 6.36 million ETH, amounting to 5.26% of the total supply, outpacing holdings in ETFs and indicating ongoing accumulation despite recent price declines.