Ethereum Faces 2% Drop Amid $2,800 Resistance

Ethereum’s recent price momentum has kept investors on edge as it approached the $2,800 level. Despite attempts to push past $2,750, the cryptocurrency faced resistance, briefly hitting a ceiling as bulls tried to extend the current uptrend. On-chain data suggests that this resistance may be due to a significant cluster of buy levels around $2,800, which could increase sell-side pressure in the coming days.

After rebounding from a low near $1,600 in April, Ethereum recovered more than half of its losses from its peak near $3,800 in December 2024. According to on-chain analytics platform Glassnode, there is a notable accumulation of Ethereum supply held by investors who bought in near the $2,800 price range. This concentration, visualized in Glassnode’s cost-basis heatmap, shows a high density of wallet activity precisely at this level. The implication is that a large number of ETH holders who have been underwater since early 2025 are finally seeing a chance to exit at breakeven as the Ethereum price approaches $2,800. This could lead to increased selling pressure as the Ethereum price nears this level, potentially capping the rally unless demand is strong enough to absorb the supply hitting the market.

Despite the potential resistance at $2,800, different on-chain data shows Ethereum enjoying strong support beneath the current price level. According to a post on X by crypto analyst Ali Martinez, blockchain data from Sentora shows that Ethereum holders have built a robust demand zone between $2,330 and $2,410. This area hosts 2.58 million addresses holding over 63.65 million ETH, making it an important support floor. At the time of writing, Ethereum is trading around $2,500, down by 2% in the past 24 hours. The current price range puts the price of the largest altcoin squarely between a band of selling pressure overhead and a solid cushion of demand below.

Interestingly, there are no significant resistance walls aside from the cost basis levels around $2,800, meaning that a convincing breakout above $2,800 could push the Ethereum price quickly towards $3,000. The balance of probabilities now rests on whether bullish momentum can break through the resistance cluster or whether a pullback toward the $2,370 zone will reset the rally. The heatmap shows a large cluster of supply density just below $2,800, which Ethereum must decisively overcome to continue its path toward reclaiming $3,000.