Ethereum (ETH) Price Dips After $2,985 Rejection; Can $2,800 Support Hold?

The Ethereum price is slipping back after facing a firm rejection from the $2,950–$3,000 resistance zone, a level that has repeatedly capped upside momentum this month. The pullback has now opened the door for a potential retest of the $2,800 support area, a region that previously triggered strong buyer interest. While the short-term structure leans bearish, sentiment could quickly shift if the U.S. stock market regains momentum, which often spills over into crypto. 

The next reaction from $2,800 will likely determine whether the ETH price rebounds—or extends its correction.

The price remained under pressure over the past 24 hours, as broader market sentiment stayed fragile. Despite the slowdown, on-chain data shows aggressive whale accumulation, with large holders adding over 300,000+ ETH during the dip—signalling growing confidence at lower levels. At the same time, institutional players facing sizeable unrealised losses are intensifying scrutiny on ETH’s price path. With retail activity weakening, Ethereum’s short-term trend now hinges on whether buyers can defend the $2,800 support.

ETH Price Analysis: Will it Rise Above $3000?

Ethereum’s price action remains fragile after another rejection near the $2,950–$3,000 zone, a level that continues to act as a firm barrier against bullish momentum. The latest pullback has pushed ETH back toward the mid-$2,800 range, where traders are watching for signs of stability. With broader market sentiment still mixed and liquidity thinning into month-end, Ethereum now sits at a critical juncture. The next reaction around support will determine whether this move becomes a deeper correction or a launchpad for recovery.

The chart highlights ETH’s sharp rejection from the $2,950–$3,000 ceiling, sending the price back toward the $2,800 support. A potential death cross, with the 50-day MA nearing a drop below the 200-day MA, signals weakening medium-term momentum. At the same time, OBV is steadily depleting, showing that real buying pressure is fading. Together, these indicators increase the probability of a deeper pullback, unless bulls defend $2,800 and force a recovery toward $3,023.

Conclusion

Ethereum’s near-term outlook hinges on how it behaves around the critical $2,800 support. The mounting risk of a death cross and a steadily weakening OBV suggest that bullish momentum is fading faster than expected. However, this zone has historically attracted strong demand, meaning a decisive bounce could quickly reopen the path toward $2,950–$3,023. If buyers fail to step in, ETH may enter a deeper corrective phase before any bullish recovery attempt can regain traction.