Ethereum Drops 1% to $2,700 as Resistance at $2,880 Holds

Ethereum (ETH) is currently experiencing a critical phase, with its price hovering around $2,700, marking a slight decline of over 1% in the past 24 hours. The cryptocurrency is confined within an ascending channel, and technical analysts are closely monitoring key resistance levels that could dictate its next significant move. The $2,750–$2,800 zone is currently acting as immediate resistance, closely aligned with the 200-day simple moving average (SMA) at $2,654.52, a historically significant level. Ethereum has recently tested the upper limit of this channel, briefly surpassing $2,850 earlier this week, the first time since February 4. This move above the 200-day SMA signifies strong bullish momentum and a robust trend structure.

Ethereum is building up under the resistance at $2,880, with $2,700 serving as a significant short-term support level. A successful breakout above $2,880 could propel ETH towards $3,000, while an unsuccessful attempt could result in a drop to $2,500. The MACD momentum indicator and the RSI oscillator are signaling a potential decline in momentum, which could indicate a shift in the trend. Ethereum (ETH) has been trading within a specified rising parallel channel, maintaining its structure over the past few weeks. The asset recently faced rejection at the upper limit around $2,880, which has acted as resistance multiple times throughout June. This trend suggests that sustaining bullish momentum above the channel top remains challenging.

By June 12, 2025, ETH is expected to be priced around $2,753, with slight price fluctuations after touching the resistance level. The stability of the price near this level has drawn attention to the $2,700 support zone. Failure to stay above this level could lead to further losses, with the mid-channel area around $2,630 becoming the next target. In the event of intensified bearish pressure, Ethereum could retest the lower edge of the range between $2,500 and $2,520, which previously served as a support area within the overall trend.

A new level of attention among traders has been set at the $2,700 price point as they evaluate Ethereum’s short-term trend. Maintaining above this area should help sustain the momentum to move higher, particularly after ETH breaks above the upper trendline channel around $2,880. An upside breakout above this level would place the $3,000 area in target, potentially resuming the bullish trend. However, any drop below $2,700 could change market conditions, with short-term traders expecting continued losses, especially as the price approaches or falls to $2,630. Additional volatility could lead to a collapse of the rising framework, forming a wider support within the range of $2,500 to $2,520.

Technical indicators present conflicting signals. The Relative Strength Index (RSI) stands at 62.67, indicating a partly bullish market that is not yet overbought. This suggests that the market has not exhausted its directional moves based on future price developments. The Moving Average Convergence Divergence (MACD) indicator has crossed above the signal line, but the narrowing histogram indicates slowing momentum. A cross of the MACD line under the signal line could confirm a short-term downward trend, with traders closely monitoring these levels for the next directional move.

On-chain data reveals substantial accumulation activity, with accumulation addresses seeing inflows of over 400,000 ETH in five of the last seven days. This pattern indicates that long-term holders and new market participants are highly confident. The cryptocurrency has also surpassed the cost basis of nearly 2.1 million ETH bought between $2,700 and $2,760, a significant technical achievement. If ETH can maintain its position in the $2,700 to $2,760 range, the path to $3,420 remains technically open. However, the pace of any increase will depend on how holders act in the $2,800 to $3,300 range.

Different analytical frameworks suggest that Ethereum has similar upside targets. Elliott Wave research indicates that the cryptocurrency could rise to $5,000 to $6,000 or more if it stays above the current low of $2,385. The current setup suggests that ETH is in the early stages of a significant third wave advance. Near-term resistance levels include $2,800, followed by $2,840 and the recent high of $2,880. If the price breaks above $2,880, it could rally to $2,920 and then to the critical psychological milestone of $3,000. The next major technical target is the 61.8% Fibonacci retracement at $3,078. Important support levels include the 200-day SMA around $2,654, the $2,680 zone, and the 50% Fibonacci retracement level. If the price drops below $2,680, it might test $2,620 and potentially even $2,550 again. However, this would likely be seen as a healthy correction within the overall upward trend.

The Trend Precognition algo signal from Material Indicators on June 12, 2025, indicates that Ethereum may test a key support level, potentially around $3,300. Technical analysis suggests that ETH could reach $3,500-$4,000 if it breaks the critical $2,800 resistance level for good. Long-term Ethereum price predictions are optimistic, with the potential for significant gains if current trends continue. Ethereum (ETH) is up 3% in the early Asian session, extending its rally following a breakout above the $2,850 resistance level. The cryptocurrency is now correcting gains and might test the $2,680 support zone, but this is seen as a healthy dip within the broader upward trend. The exact price targets and Fibonacci projections suggest that Ethereum could rally to $2,950, with $2,664 now serving as rock-solid support.