TLDR:
- Ethereum trades just above $2,650 after losing crucial support, raising focus on the next price reaction.
- Analysts track $3,200 as a major resistance zone that could define the next directional breakout.
- Market updates highlight the $2,580 support area as a key level for potential reversal attempts.
- Long-term projections shift higher as new cycle analysis places extended targets above $8,000.
Ethereum slipped toward a critical support area after renewed selling pressure hit the market. The price moved toward the $2,650 zone as traders assessed the latest signals from social posts tracking the asset.
Market sentiment weakened after ETH lost the $2,800 level earlier in the session. The move set the stage for fresh volatility across major crypto assets.
Ethereum Price Holds Near Key Levels Amid Market Weakness
At publication, ETH traded near $2,709.70 according to data from CoinGecko, showing a sharp decline over the past day.
The asset recorded a 9.77 percent drop in 24 hours as broader market weakness continued. It also posted a 14.27 percent loss in the past week, reflecting sustained pressure.
Lennaert Snyder noted that ETH moved into the $2,650 zone while approaching a daily demand area.
He viewed $3,200 as a key resistance level that could define the next directional move. He also tracked the $2,580 region as a potential support zone for reversal attempts based on current structure.
Another update from Ted pointed to a loss of the $2,800 level as ETH attempted to stabilize. He flagged the risk of a move closer to $2,500 if the market failed to reclaim the lost support. His post reflected ongoing uncertainty across short-term trading conditions.
Market Structure Shifts as Analysts Eye Long-term ETH Targets
StockTrader_Max stated that ETH breached a previous wave region and entered a new corrective phase.
He identified the 0.618 Fibonacci level as an area where a potential low could form. His view suggested a shift in the cycle, positioning the market earlier than earlier projections implied.
He also tracked a new long-term target near $8,800 instead of an earlier estimate around $6,000.
The updated target came as he evaluated broader cycle strength and structural trends. His assessment aligned with the view that current weakness may precede a stronger long-term move.
Liquidity conditions remained a key point across market discussions as traders watched price reactions. Snyder also pointed to upward liquidity pockets that could influence near-term movement.
ETH’s ability to reclaim broken levels will likely guide the next phase of trading as attention stays on the $2,650 and $2,580 zones.