.png){kind=logo}
ETH rejected at $2,875, now trading near $2,500 as volatility returns.
Key support levels at $2,600 and $2,700 will determine the next move.
A reclaim of $2,800 could pave the way for a push to $3,000.
Ethereum (ETH) recently surged past the psychological $2,800 level, triggering optimism of a sustained breakout and potential altcoin season. However, the rally was short-lived. After peaking near $2,875, ETH pulled back sharply, returning to retest key support levels. This price action has left traders divided. Can Ethereum hold its structure and resume upward momentum, or is a deeper correction brewing?
As of June 13, ETH is trading near $2,511, down nearly 8.8% in the last 24 hours. While short-term volatility has returned, Ethereum continues to show signs of resilience and technical strength, particularly when viewed through multi-timeframe analysis.
On the 4-hour chart, ETH had briefly broken above the upper boundary of an ascending channel before swiftly retracing. The rejection suggests that $2,800 - $2,830 remains a stubborn resistance zone.
According to crypto analyst M-log1, Ethereum is now testing the midpoint of its ascending channel. “This area previously acted as resistance and could now flip into support. A clean bounce here may propel ETH back above $2,800,” he stated.
Technical indicators show mixed signals:
RSI is neutral, hovering around 50 - 55, implying indecision.
MACD is trending downward, with a potential bearish crossover forming, suggesting waning bullish momentum.
Despite this, ETH has not broken down from the channel and still trades above the critical $2,700 mark. This zone could act as a launchpad if buyers step in with volume.
If Ethereum manages to reclaim the $2,800 - $2,830 range and establish it as a solid support zone, it could lay the groundwork for a push toward the $3,000 mark, potentially signaling the start of a broader altcoin rally.
Zooming out to the daily chart, ETH sits just above its 50-day ($2,325) and 100-day ($2,647) moving averages. It’s also testing the 200-day SMA at $2,768, which has acted as a dynamic resistance.
ETH’s daily RSI is trending lower but remains above the 50 level, suggesting the recent pullback has cooled overbought conditions without breaking trend.
Volume levels remain consistent, with no major signs of distribution, meaning long-term holders are not exiting in large numbers.
A daily close above $2,770 - $2,785 would be a strong bullish confirmation.
If that happens, the path toward $2,950 - $3,000 becomes more probable. However, failure to hold above $2,700 could send ETH down to retest $2,600 - $2,650 as the next support zone
Also Read: Ethereum Price Holds Above Key Support as Bulls Eye Breakout
Ethereum’s performance is unfolding against a challenging macroeconomic backdrop. With the U.S. Federal Reserve’s interest rate decision looming on June 18, crypto markets are experiencing heightened uncertainty.
Rising U.S. Treasury yields, continued inflation concerns, and global geopolitical tension are keeping risk assets volatile. Despite these headwinds, Ethereum has shown notable relative strength, especially compared to many altcoins.
M-log1 added, “Ethereum is holding up well given the external conditions. If it can break and flip $2,800 into support, that could trigger a broader altcoin rally.”
Support Levels:
$2,700 – Immediate support at the midpoint of the ascending channel
$2,600 – Critical support; a breakdown here may invalidate the current structure
Resistance Levels:
$2,770 - $2,785 – Short-term resistance near 200-day SMA
$2,800 - $2,830 – Key breakout zone that must flip into support
Ethereum currently sits at a crucial pivot point, and how price action unfolds in the coming days will determine whether bulls or bears take control.
On the bullish side, if buyers can defend the $2,700 support level and manage to reclaim the key $2,800 resistance zone, it would likely signal a resumption of upward momentum. A successful breakout above $2,800 could open the door for a move toward $2,950, with $3,000 as the next psychological and technical target.
On the bearish side, failure to hold above $2,700 would suggest weakening bullish conviction and could lead to a breakdown. If ETH drops below this level, the price may revisit the $2,650 support zone or even slide lower to 2,500, particularly if macroeconomic pressures, such as interest rate uncertainty or global risk-off sentiment, persist.
Also Read: Ethereum ETFs Defy Price Drop with Record-Breaking Inflow Streak
Ethereum remains in a technically constructive position, despite its recent rejection at $2,785. It holds above crucial moving averages and has not broken out of its ascending channel. Short-term volatility is testing trader conviction, but the medium-term trend is still intact.
With the Federal Reserve meeting approaching, macro-driven volatility is likely to dictate Ethereum's next move. Having already slipped to around $2,500, ETH now finds itself below a key support level, intensifying the pressure on bulls. For now, however, the market remains cautious as ETH tests the strength of its broader bullish structure.
