The post Why The Ethereum Price Needs To Reclaim $2,800 Amid Market Rebound appeared on BitcoinEthereumNews.com.

Ethereum price is testing a key support level that could determine its short-term and long-term trajectory. Market analyst Justin Bennett has identified this level as a crucial point where Ethereum must recover to maintain its bullish structure. According to his analysis, the price action since mid-2022 has shown corrective movement rather than an impulsive uptrend, raising concerns among investors. Ethereum Price Faces Make-or-Break Moment  According to a recent analysis by Justin Bennett, Ethereum must reclaim $2,800 soon to avoid a major bearish breakdown. The price action since June 2022 has been corrective, lacking the impulsive strength seen in past bull markets. A breakdown below the trendline could signal one of Ethereum’s worst quarters if bulls fail to regain control. Bennett’s chart analysis indicates that Ethereum is currently at a key support level. If the price fails to hold this level, it may break below the lower boundary of the long-term ascending channel. This could lead to a bearish trend, potentially accelerating downward momentum. On the other hand, a strong rebound from this zone could restore bullish momentum and prevent further losses. Source: X However, the recent ETH price dip was accompanied by massive volatility, attracting strategic Ethereum whale accumulation. The 7 Siblings’ purchase aligns with a broader trend of large investors capitalizing on lower prices, fueling speculation of a potential rebound. Key Resistance at $2,800 Could Determine Next Move Moreover, analysts emphasized that Ethereum price must reclaim $2,800 to maintain its long-term bullish structure. If the price breaks above this level, it could indicate renewed strength in the crypto market. This will provide confidence for traders and investors looking for a potential continuation of the bullish trend. Failure to reclaim $2,800 could result in a prolonged period of weakness. If Ethereum drops below its current support, it may face increased…

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Filed under: News - @ February 4, 2025 2:20 am