Analyst Reveals Ethereum Price Bearish Risk Despite 9% Rally

Key Insights:

• Ethereum faces strong resistance after failing to hold above $2700 level on recent attempts.
• A rejection at current levels could pull Ethereum back to $2,500 or even $2,380, per analyst analysis.
• Ethereum must close above $2,750 to confirm a bullish breakout from its current consolidation range.

Ethereum price gained over 9% between June 9 and 10, rising from $2,514 to more than $2,700. The move was backed by an increase in 24-hour trading volume, which surpassed $27 billion. This surge marked an increase in market cap, pushing it to $325 billion. Despite the strong rally, analysts warn that key resistance levels continue to block bullish continuation.

Ethereum Price $2,750 Mark Must Break: Analyst

According to a recent analysis on X by Ali Martinez, it is not yet time to turn fully bullish on Ethereum price. The analyst pointed to the $2,750 price resistance level as a critical area. This level has historically rejected upward attempts, causing Ethereum to retrace.

Ethereum previously surged above $2,660 but failed to break $2,750. Martinez stated that a sustained close above this level is needed before any bullish confirmation. Without it, Ethereum may fall back to $2,500 or even lower to $2,380. These zones have acted as support in recent weeks.

Martinez highlighted the horizontal range between $2,380 and $2,750 on Ethereum’s 4-hour chart. The price has moved within this range since mid-May. Several rejections have occurred near $2,740, showing seller presence at that upper boundary.

Intermediate resistance at $2,580 also acts as a pivot. Ethereum often trades around this level without strong follow-through. Unless the price closes firmly above $2,750 with volume, another rejection may follow.

ETH Price $2,700 Breakout amid Altcoin Rally

Another analyst, Crypto Caesar, shared a similar outlook. In his view, the area above $2,700 represents the “red level” of resistance. Ethereum price breakout above this zone would be critical for flipping market structure bullish.

The red resistance zone has triggered past sell-offs. Caesar noted that if Ethereum manages to close above this region, it may pave the way for wider altcoin gains. He linked a potential breakout to the beginning of an altseason.

Ethereum’s weekly chart showed structural support at $2,323. This level coincides with a long-term trendline stretching from 2022. At this level, the price is at a range that has been supported by a trendline since 2022.

ETH price support at $1,382 is yet another point to consider. This zone lasted during 2022–2023 and is still a main point of support for the market.

Analyst Brandt Spots Breakout Pattern

Peter Brandt also commented on the patterns that the Ethereum price has developed. Matt pointed out that price action performed an upturn when it broke out of a descending channel in April.

Brandt noted that Ethereum tested resistance at $2,700 several times in May. The pattern also shows consistent support above $2,390, reinforcing the triangle’s formation. Brandt posted a chart showing Ethereum poised near the upper boundary of the triangle.

The ADX reading for Ethereum is currently around 22.7. A value under 25 indicates a weak trend, meaning consolidation could continue. Despite upward movement, the market may still lack strong directional conviction.

Brandt mentioned that Ethereum could fall toward $2,150 if it breaks below support. However, a strong breakout could target resistance near $4,000. The move would represent nearly a 48% gain from current levels if it materializes.

Adding to his bullish analysis, Peter Brandt tweeted

“Every dog has its day — woof woof $ETH”

Despite slight pullbacks after hitting the intraday high, Ethereum price held gains above $2,660. There is more interest from investors as reflected by an increase in transactions and positive on-chain signs.

The current trend shows resistance levels below $3,200 on the higher timeframe. In 2024, and again in early 2023, this resistance area stopped previous rallies. According to analysts, a weekly close above $2,700 might start a move up to $3,200. However, the upward movement isn’t sure until Ethereum price stays above $2,750.

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