As Ethereum trades near $2,618, experiencing a 2.91% loss over the past 24 hours, the cryptocurrency’s market capitalization hovers at $328.06 billion. Despite the formation of its strongest weekly candle in eight months, signaling renewed buying interest, Ethereum is still confronting a significant resistance level.
Key Resistance Level at $2,800
Following a marked rebound from its September lows, Ethereum continues to trade sideways beneath the robust sell zone between $2,750 and $2,800. Market analyst Ted highlights $2,800 as a critical confirmation point on the weekly chart. Surpassing this level with a weekly close could pave the way for a broader upward breakout.
Analyst Ted emphasizes that while Ethereum has produced its most substantial weekly candle in recent months, confirmation of a more extensive rally requires a weekly close above $2,800.
Should Ethereum break through this threshold, the $3,000 mark could re-enter discussions, with resistance around $3,447 serving as a key upper target. Sustaining momentum might position the $3,400 to $3,500 range as a medium-term target zone.
Short-Term Focus on $2,550 Zone
In four-hour charts, Ethereum remains within a broad consolidation range. Its inability to sustain movement above $2,700 renders its short-term structure fragile, suggesting the potential for deeper pullbacks after selling pressure in the $2,740 to $2,780 range.
Chart analyst Crypto Tony identifies the $2,550 to $2,585 range as the next critical support area. If the price retracts to this region and finds renewed buyer strength, a push towards $2,665, followed by a test of $2,780, could occur. Conversely, a decisive drop below $2,550 may intensify broader correction risks.
Crypto Tony recommends waiting for clearer strength or a response from the lower support area, rather than rushing into purchasing within the current band.
Institutional Demand Shows Signs of Weakening
Ethereum’s struggle beneath $2,800 coincides with two notable developments exerting underlying pressure. U.S. spot Ethereum ETFs witnessed a net outflow of $50.76 million on October 5th, accumulating to $205.9 million in net outflows over five consecutive trading days, marking the longest outflow period since June 2026.
On the staking front, the validator exit queue surged sharply in early October. The pending unlock amount escalated from roughly 200,000 ETH around September 30th to 800,000 ETH by October 3rd. Although this does not guarantee immediate liquidation of assets, it expands the supply potentially convertible into cash.
Moving Averages Pose Short-Term Hurdles
Ethereum’s four-hour chart reveals prices slipping below the 50, 75, and 100-period exponential moving averages, now positioned at approximately $2,689, $2,681, and $2,666, respectively. Previously acting as support, this zone now presents short-term resistance.
Without reclaiming these levels, downward pressure towards the $2,600 to $2,550 range could persist. However, regaining the $2,666 to $2,689 area might enable a re-test of the $2,700 to $2,720 range. Broader market dynamics suggest that if recent momentum is preserved, the $3,400 region remains a primary upward target.
