Ethereum Faces Make-or-Break Moment at $2,786-$2,800 Resistance Zone

Ethereum's price action has been on the move in recent days, with the coin reaching as high as $2,775.96 before pulling back to around $2,734.44. The overnight bid cooled, but Ethereum still managed to gain more than 10% over the past week and month.

The thesis for this forecast is simple: Ethereum's rally is a follower's rally, meaning it's riding the coattails of Bitcoin's momentum. The market leader broke out above $83,000, and Ethereum followed suit. However, the question remains whether Ethereum can break through its own resistance zone on its own demand.

The key area to watch is between $2,786 and $2,800, where a dense cluster of liquidation levels exists. If Ethereum can clear this zone, it could open up $2,920-$3,000 as a target. On the other hand, if it gets rejected, ETH might head back into the $2,546-$2,700 range.