Ethereum (ETH) Price Prediction: Downtrend Resumes as Price Moves to Retest the $2,700 Support

Ethereum is currently struggling for traction, trading right around the $2,800 level and is losing momentum across the lower timeframes. As we pointed out in our last analysis, the move off the $2,700 support zone was certainly a decent bounce, triggered by the daily RSI dipping into oversold territory. This initial push did inject some life back into the shorter-term charts. However, that upward pressure now appears to be fading, given the failed retest and rejection at the $3,050 resistance. Frankly, this is a strong indication that the prevailing broader trend is still firmly in control, suggesting we should anticipate a continued downward bias in the coming days. Now, let's dive into the latest ETH charts to see where the price could potentially be headed in the coming days.

Our Ethereum Price Prediction Summary

• The short-term momentum from the RSI bounce has been exhausted, following a clear rejection at the $3,050 resistance.
• This rejection confirms the broader downtrend is intact, setting up an imminent and crucial retest of the $2,700 support floor.
• Failure to hold the $2,700 level would signal a continuation of the bearish move, placing the next key target at the $2,400 support zone.

Analyzing the Charts

$3,050 Rejection Reinforces Short-Term Downside Bias

The latest 4-hour chart for Ethereum provides a clear look at the recent price struggle. We can see that after the decisive breakdown below $3,050 (a level which previously served as strong support), price immediately found a reliable bid right at the $2,700 area. This established a brief period where Ethereum was essentially moving within a consolidation zone between those two key markers. However, the subsequent attempt to retake the $3,050 resistance was met with a significant rejection. While the bulls did mount a swift counter-effort for a second retest, that second failure proved even more conclusive. Given this clear rejection pattern, the technical bias has now decisively shifted back down toward the $2,700 floor. How price interacts with that critical level in the short term will largely dictate the price action for the remainder of the week.

Daily Chart Shows Halted Recovery After RSI Signal

Now, switching our focus to the 1-day timeframe, the initial point of interest is the oversold signal we registered on the Daily RSI, which was the direct catalyst for the price bounce off the $2,700 support. This is a pattern we've observed repeatedly in Ethereum’s history, as a definitive signal of an oversold condition on the daily chart often precedes a relief rally or short-term bounce. Just as we anticipated, this played out perfectly. However, the momentum from that bounce has now been halted. The expected retest of the $3,050 resistance was met with a clear and firm rejection, effectively halting the upward momentum.

Broader Trend Keeps Ethereum Bias Bearish

The rejection at $3,050 has firmly established the current daily structure, which is clearly signaling a move back down to retest the crucial $2,700 support. This rejection is not out of the ordinary if we consider the larger timeframes. In fact, it perfectly aligns with the broader technical picture, as the market is simply printing another routine lower high within the ongoing downtrend. Therefore, attention is now entirely on the $2,700 level. Should we see a decisive break and daily close below this key level in the coming sessions, the next support we will be watching is the $2,400 mark, which has held nicely in the past. Keeping the overall structure in mind, our broader Ethereum price prediction is still leaning bearish.

Final Takeaway: What is Next for Ethereum?

The technical case for Ethereum is still leaning bearish. While the Daily RSI managed to kick off a decent short-term bounce from the lows, the price failed the crucial follow-through test, getting decisively knocked back by the $3,050 resistance. This rejection confirms the existing downtrend remains firmly in control, locking in another lower high on the daily chart. The immediate bias will now be set by the reaction at the $2,700 mark. A strong defense of this level buys us time for some consolidation, but if the bears can achieve a clean break below $2,700, expect a quick move down to test that reliable $2,400 support zone.