Ethereum (ETH) Price Analysis and Prediction: ETH Retraces Sharply Off Resistance Near $2,800, Will the Bulls Regroup?

Currently, Ethereum is trading at $2,582.01, down 1.56% in the last 24 hours with support near $2,563.

Ethereum (CRYPTO: ETH) price is showing signs of fatigue after a recent rally that saw the second-largest cryptocurrency reach nearly $2,800.

After burning through several support levels on its way up, ETH is now retracing sharply off resistance at $2,800, followed by $2,563.

The next key resistance level lies around $2,628, where ETH previously faced selling pressure. If the previously established level is breached then this could represent renewed bullish momentum.

Price Action, Technical Analysis

The price of Ethereum is now down 1.56% in the last 24 hours and trading at $2,582.01. The next key support level lies around $2,563, followed by $2,509.

If ETH can hold above $2,563 then the market may continue testing higher levels. But if the price falls below $2,563 then this could represent further bearish momentum.

However, analysts are keeping a close eye on the 24-hour trading volume, which fell by 10.34% to $16,198,839,843.

Quantguy’s Analysis On Key Levels

We can see that Ethereum (ETH/USD) has seen a sharp sell off from $2,595 to $2,556, as highlighted by analyst Quantguy.

The Kovach Reversals Indicator (KRI) is showing a green triangle at $2,556, which could signal potential support and mark a turning point for recovery.

If Ethereum can hold above $2,556 then it may attempt to reclaim $2,595 or move higher into the $2,600s.

However, if the $2,556 support fails, then the next downside target is $2,509, indicating further bearish momentum.

But the market will need stronger buying momentum to surpass $2,595 resistance and confirm the recovery.

Quantguy’s analysis shows that Ethereum’s sharp sell-off has pushed it into a crucial zone, with upcoming price movements likely determining ETH’s short-term direction.

Ethereum Long-Term Outlook

Crypto analyst Investor Reality is very bullish on Ethereum in the long term. According to a recent analysis from Investor Reality, ETH could hit $5,000 by Q2 2025.

We can see that Ethereum is consolidating between the 0.382 level ($2,413) and 0.5 level ($2,899) critical Fibonacci retracement levels, as shown in the chart.

The next major resistance is at the 0.618 level at $3,344. The analysis also reveals long-term ascending trendline support on Ethereum since 2021.

According to Investor Reality, breaking $2,899 may help push Ethereum to $5,000. However, ETH must break the $2,899 level to explore higher targets like $3,344 and $5,000.