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Ethereum is testing a major resistance zone near $2,675 that could lead to a breakout or a short-term drop.
Over 35 million ETH are staked, reducing supply and supporting a bullish outlook if demand continues rising.
Spot ETH ETFs and institutional buying have added strong momentum, signaling growing investor confidence.
Ethereum, the world’s second-largest cryptocurrency after Bitcoin, is showing signs of strength again. After weeks of steady moves and a few sharp jumps, its price is now getting close to a major resistance level, a point where the upward momentum usually slows down unless strong buying pushes it further.
As of July 9, Ethereum is trading around $2,625, after rising over 4% in the past week. This is a significant level because it’s right below a zone where the price struggled earlier this year. Breaking past this area could open the door for another major rally.
A few things are helping Ethereum right now. Institutional interest in Ethereum has increased. In the last two months, large companies have purchased over 388,000 ETH. At current prices, that is worth about $1 billion. These firms are adding Ethereum to their long-term holdings, showing more confidence in the asset.
Also Read: Ethereum Price Analysis: Bulls Hold $2,550 Trendline as ETF Flows
At the same time, Ethereum ETFs (Exchange-Traded Funds) are gaining momentum. These are investment products that track the price of ETH and are traded on stock markets. Spot ETH ETFs have brought in over 61,000 ETH in fresh inflows in the last eight weeks. This shows that traditional investors are growing more confident in Ethereum’s future.
Some cash-rich investors or big companies are buying a lot of Ethereum again. These big buyers are called whales. When they buy more Ethereum, especially when the price is low, it usually means they believe the price will go up later.
Right now, Ethereum is stuck near a resistance zone between $2,625 and $2,675. In simple terms, this is an area where sellers start to appear, and the price often struggles to move higher. It’s like trying to push through a wall. If ETH can break past that zone, analysts believe it could climb to $2,745, or even test $2,800 to $2,900 in the coming weeks.
But if it fails to move higher and drops below $2,500, the rally could stall. A fall to $2,400 or even $2,200 isn’t off the table in that case.
Also Read: Ethereum Is Gaining Strength: 3 Signs the Momentum Might Last
Ethereum is stuck in a symmetrical triangle. That’s a chart pattern where the price keeps getting squeezed between higher lows and lower highs. It usually means a big move is coming, one way or the other.
Right now, the price is pressing up against the top of that triangle. The key level is $2,675. That’s the line in the sand. A daily close above it could be the start of something bigger. But without strong buying, it might just bounce back down.
Here’s what makes this setup more interesting. On-chain data shows over 35 million ETH are staked. That’s more than 28% of all ETH in circulation. What this really means is a big chunk of the supply is locked and not being traded. When supply drops like that, it can push prices higher if demand kicks in. So the chart says a breakout is possible. And the network data backs it up. All eyes are on that $2,675 level.
Ethereum’s recent network upgrade, called Pectra, made transactions faster and improved the overall user experience. Developers are also working on new ways to handle more transactions at once, which would make Ethereum cheaper and more efficient in the future.
This ongoing work, along with increased demand from both crypto fans and traditional investors, gives Ethereum solid backing. Still, the price needs to break through current resistance to keep the rally going.
Ethereum is stable for now, but it’s approaching a key resistance level at $2,675. A clear move above this point could shift momentum and bring in more buying interest. Without that breakout, the price may continue to trade sideways or pull back slightly.
Market participants are watching closely. The next few sessions could determine whether Ethereum builds on its recent gains or pauses before making its next big move.
