Ethereum's price approached the $2,800 level last week, facing resistance around $2,750 as bulls attempted to extend the uptrend. On-chain data suggests this resistance is due to a major cluster of buy levels around $2,800, potentially increasing sell-side pressure.
After recovering from an April low near $1,600, Ethereum has regained over half its losses from its December 2024 peak near $3,800. Glassnode data indicates a significant accumulation of Ethereum supply held by investors who bought near the $2,800 price range.
Many ETH holders underwater since early 2025 may exit at breakeven near $2,800, potentially capping the rally unless demand absorbs the supply. However, data from Sentora, cited by analyst Ali Martinez, reveals a strong demand zone between $2,330 and $2,410, with 2.58 million addresses holding over 63.65 million ETH.
Currently trading around $2,500, Ethereum is positioned between overhead selling pressure and solid demand support. A breakout above $2,800 could propel Ethereum towards $3,000, while a pullback towards $2,370 might reset the rally.
There are no significant resistance walls aside from the cost basis levels around $2,800. The balance of probabilities now rests on whether bullish momentum can break through the resistance cluster or whether a pullback toward the $2,370 zone will reset the rally.
This article is based on our author's analysis of materials taken from the following resources: Unsplash, TradingView, and X post by crypto analyst Ali Martinez.