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.
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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 selling pressure. Market sentiment will play a key role in determining whether bulls can regain control or if bears will push the price.
Bennett’s analysis compares the current Ethereum price action with past market cycles. He notes that since mid-2022, Ethereum has struggled to show strong upward momentum. Unlike previous bull markets has raised concerns among long-term investors.
His historical comparisons suggest that without a strong breakout, Ethereum could continue to face downward pressure. The lack of impulsive moves indicates market uncertainty, making the next few weeks crucial.
Market Sentiment and Technical Levels to Watch
Technical indicators suggest that Ethereum is at a pivotal point, making price action in the coming days critical. The Bull Bear Power indicator also shows signs of a reversal, as bearish momentum weakens. Ethereum price has rebounded from a recent low, suggesting potential recovery.
At press time, ETH price rebounded from an intra-day low of approximately $2,200, recovering to $2,728.07. Despite an 8% daily decline, crypto market trading volume surged 162.07% to $93.77 billion, indicating heightened investor activity.
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