Ethereum is trading near a level that many traders are watching. After being rejected from resistance, the asset is holding just above support that aligns with key technical patterns. The price action around $2,700 is likely to guide the next move.

Ethereum Holds Near Key Support Level

ETH ($2,875.80) is trading at $2,870 at press time, with a 2% gain over the past 24 hours and a 6% drop over the week. The level around $2,700 is now in focus. According to Bitcoinsensus, Ethereum is still inside a Wyckoff re-accumulation structure and has entered the “Last Point of Support” phase. Holding this level keeps the bullish structure intact.

“$2,700 per $ETH is key to hold,” they noted.

If the asset stabilizes above this zone, the structure may continue toward higher targets, possibly above $5,600. A break below would risk invalidating the setup and shifting the trend.

Source: Bitcoinsensus/X

Furthermore, Mister Crypto shared a chart showing a bullish divergence on Ethereum. While the price has made lower lows, the RSI has formed higher lows. This setup often appears when sellers lose momentum.

“BULLISH DIVERGENCE ON $ETH!” was posted along with the chart, which shows the divergence clearly marked. This signal does not confirm a reversal, but it often comes before trend changes when supported by other data.

Rejection at Resistance Triggers Short Setups

The leading altcoin was stopped near the $2,950–$3,000 resistance earlier. Ted said, “$ETH got rejected from the $2,950–$3,000 resistance zone,” and noted the chance of a retest of the $2,800 support level. If broader markets recover, ETH could bounce from there.

Lennaert Snyder also pointed to the rejection near $2,880.

“This means our short scenario got triggered,” he wrote.

For new long positions, he’s watching for a move near $2,680 or a sweep below $2,620. He added that “there’s still a daily demand zone at ~$2,570” and is watching for the price to react there.

Some analysts say Ethereum is now back at a level that defined the previous cycle. A drop to $2,800 has placed ETH in what some view as an ideal buy zone. If the current structure holds, price targets around $9,000 are being discussed based on wave continuation patterns.

Treasuries Accumulate ETH During Pullback

While retail wallets showed signs of selling, large holders added to positions. BitMine, led by Tom Lee, acquired 70,000 ETH last week, raising its holdings to 3% of the total supply. Its stock rose 20% as ETH prices recovered.

StrategicEthReserve reported that digital asset treasuries now hold 6.36 million ETH, equal to 5.26% of the total supply. This total now exceeds what is held in ETFs, pointing to continued accumulation despite the recent decline in price.

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