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Ethereum has spent the past week extending a recovery that has carried it steadily higher. Today that climb ran into a wall.
Ethereum pushed toward a round number this morning that it could not break, then sold off and gave back a chunk of the session before finding a footing lower down. The weekly trend is still pointing up, but the way price was turned away from resistance and dropped afterward is the first real friction the rally has met in a while.
Ethereum’s Recovery Meets Its First Major Resistance Test
The past week has been strong. Ethereum is up roughly 10% over the past seven days and about 8% for the month, part of a recovery that has lifted it more than 30% over six months. Momentum has clearly been with buyers.
Ethereum price | Source: TradingView
Today interrupted that. Price approached $2,700 twice in the morning, failed to hold above it either time, then sold off through the middle of the session to a low near $2,628 before recovering.
A rejection at a round number is common, but a rejection followed by a quick drop is more than hesitation. It shows sellers were waiting at the level and had enough force to push price well below it once the buying stalled.
The $2,700 Rejection Defines Ethereum’s Near-Term Range
Ethereum trades near $2,650, little changed on a 24-hour basis, but well below the highs it reached earlier today. The session moved in a wide band. Price topped out around $2,704 in the early hours, held near $2,700 into mid-morning, then broke lower to about $2,628 before buyers stepped back in and lifted it to the current level.
The $2,700 mark is now the clear resistance, tested and rejected twice in a single session. On the downside, the $2,628 low is the first support, with the round $2,600 level beneath it as the next reference if the pullback extends.
The price sits between the two, closer to the middle of the day's range after the bounce, with $2,700 still standing as the level it needs to reclaim.
A Strong Weekly Trend Does Not Remove Pullback Risk
A 10% week makes today's drop easy to dismiss as noise inside a rising trend. The setup argues for more attention than that.
Ethereum reached for $2,700, could not hold it, and fell roughly 3% to its session low before recovering. That sequence, a failure at resistance followed by a sharp move down, is often how an uptrend takes its first real pause. Buyers who chased the approach to $2,700 are now offside, and how they behave on the next attempt will shape whether the level breaks or holds.
The longer picture is more constructive than it has been in a while, which carries its own risk. Ethereum has cut its year-to-date loss to under 10% and turned the six-month trend firmly positive, and that improvement can make a stall feel less significant than it is. The token still trades well below its record from last year, and a strong month does not remove the possibility of a deeper pullback from a level it has now failed to clear.
A Move Above $2,700 Would Shift the Technical Picture
Reclaiming $2,700 and holding above it would put the rejection behind the move and reopen the path higher, confirming the week's strength was not spent at resistance. That is the level buyers need to take.
Holding above the $2,628 low on any further pressure would keep the weekly uptrend structurally intact, though defending a recent low is a weaker signal than clearing the ceiling overhead. The move that matters is a clean push back through $2,700, and today showed that is not yet a given.
Ethereum Traders Watch $2,700 and $2,628 Closely
The next sessions turn on $2,700 and $2,628. A recovery back above $2,700 would show the rally still has the strength to break resistance rather than stall at it. A drop below $2,628 would signal the pullback is deepening past a single rejection.
Ethereum spent today swinging between those levels, and which one gives way first sets the tone for whether the recovery extends or cools from here.
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