Ethereum Tests $2,750 Support, Needs $3,140 to Turn Bullish
Ethereum is trading near $2,780 as buyers defend the summer demand zone around $2,750 following a deep correction. On-chain metrics show continuous exchange outflows, indicating selling pressure from investors. Derivatives data, including futures open interest and options skew, lean bearish. Short-term momentum remains negative as the token struggles to regain bullish confidence. A decisive break above $3,140 is required to signal a trend reversal and unlock higher targets. Until then, Ethereum may continue consolidating or face further downside. Traders should watch the $2,750 support and $3,140 resistance levels to gauge the next directional move.
Bearish
Ethereum’s inability to hold above $2,780 and defend the critical $2,750 demand zone, coupled with persistent exchange outflows and bearish derivatives indicators, points to prevailing selling pressure and negative short-term sentiment. Historically, failure to maintain key support zones often leads to extended corrections, as seen during the summer of 2023 when a break below major demand levels precipitated further downside. In the short term, traders may expect continued consolidation or downward probes until bullish momentum returns. In the long term, Ethereum’s upcoming protocol upgrades could restore positive outlook, but market participants will likely remain cautious until a clear break above $3,140 confirms a trend reversal.