Ethereum Struggles Below $2,800 as Buyers Await Catalyst

Ethereum's price has been struggling to break above $2,800, a level that has proven resistant to the asset's attempts to surpass it. Traders are now looking for a catalyst to push Ethereum's price higher, with some analysts predicting a breakout above this resistance zone could lead to another leg up in the asset's price.

However, the latest decline follows Ethereum's rejection from the $2,750-$2,800 region during September, leaving buyers waiting to regain the swing highs. The daily chart shows ETH near $2,690 after recovering from the June lows around $1,500 and forming higher lows through the summer.

Analyst Ted sees a move above $2,800 as a potential trigger for another leg up in Ethereum's price, while a break below $2,550 could lead to a sharper correction. The 14-day RSI stands at 62.69, just below its moving average near 64.02, indicating momentum remains above the neutral 50 level.

U.S. spot Ethereum ETFs recorded $2.81 million in net outflows on Sept. 29, ending seven consecutive trading sessions of net inflows. The reversal follows a strong week for Ethereum investment products, with spot Ether ETFs taking in roughly $689.8 million during Sept. 21-25.

The immediate technical range remains more defined, with buyers facing $2,720 first, followed by $2,750-$2,800. Ted's bearish trigger sits at $2,550, while the daily chart leaves $2,500 as the larger nearby support if selling pressure increases.