Ethereum Price Analysis: Will ETH Pull Back to $2.8K Before Next Leg Up?

While the bullish trend remains intact, Ethereum is entering a key consolidation range. A successful retest of $2.8K could ignite the next wave toward $3.3K and beyond. Technical Analysis
ETH has recently seen a notable influx of buying pressure, breaking above the key $2.8K resistance, which had acted as a persistent barrier in recent months. This breakout has led to the formation of a higher high, signaling a shift toward a bullish market structure on the daily timeframe.
However, Ethereum now finds itself trading within a critical range between $2.8K and $3.3K, where a short-term consolidation phase is likely. The upper boundary of this range also aligns with a bearish order block, suggesting potential supply and selling pressure at this level.
If Ethereum manages to break above the $3.3K resistance, the next bullish target would likely be the $4K psychological threshold, a major technical and psychological level.
On the lower timeframe, ETH’s impulsive rally has been halted near the $3K level, as momentum cools. The $2.8K zone, previously strong resistance, is now being retested as support. A proper pullback to this region would serve to validate the breakout and establish a stronger base for the next leg up.
The 0.5-0.618 Fibonacci retracement levels also serve as potential targets for this ongoing correction, providing confluence with short-term demand zones.
In the coming days, Ethereum is expected to consolidate and correct, potentially setting the stage for another bullish rally toward the $3.3K resistance.
This chart visualizes the Exchanger Liquidation Heatmap, which pinpoints zones where significant liquidation events are likely to unfold. These areas often act as liquidity magnets, attracting price action due to the high concentration of leveraged positions. In such scenarios, large players or “whales” tend to capitalize on these zones to enter or exit trades efficiently.
At present, a prominent liquidation cluster is located just below the $2.8K mark, implying a high probability that Ethereum’s price may gravitate toward this level. Should this scenario play out, ETH would complete its pullback to this key support, potentially reigniting bullish momentum and setting the stage for a rally toward the $3.3K resistance.
On the flip side, another sizeable liquidity pool sits above the $3K level, indicating that following the pullback, Ethereum could also move higher in the short term to tap this zone, potentially triggering a short-squeeze and fueling further upside.
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