Ethereum Reaches "Death Zone" — Can the Bulls Trigger a Price Rise to $3,000?

Ethereum is approaching an important price zone around the $2,800 mark — a zone considered a key boundary to determine the upcoming trend. Over the past week, ETH hit resistance near $2,750 before being pushed back, causing investors to worry about whether the upward momentum can continue. The Market Capitalization Cluster "Heats Up" the $2,800 Zone After dropping to a low of nearly $1,600 in April, Ethereum has significantly recovered and is currently back to nearly half of the decline from the peak of $3,800 set in December 2024. According to on-chain data from Glassnode, the price of $2,800 is a very high concentrated ownership cost cluster — where many wallets that purchased ETH earlier are holding this average capital. This means that many investors who have "sunk capital" since the beginning of 2025 now have the opportunity to sell at breakeven prices. As ETH approaches the $2,800 zone, selling pressure may increase due to profit-taking sentiment to recover capital or minimize risk. Unless demand exceeds supply, the upward momentum may be halted here. The Thick Supply Cluster Prevents ETH from Rising to $3,000 The heatmap of ownership costs shows a dense supply cluster just below the $2,800 threshold. This is the Ethereum zone that must be surpassed if it wants to reclaim the $3,000 mark. Although the selling pressure at this zone is a significant barrier, the good news is that below the current price, Ethereum has a strong support zone. Strong Support Zone Between $2,330 and $2,410 Glassnode reports that there are up to 2.58 million wallets holding a total of 63.65 million ETH in the price range from $2,330 to $2,410. This is considered a solid "support bottom," where many investors have entered positions and are ready to defend their stance. This support zone could act as a buffer if ETH continues to experience a downward adjustment. Current Situation As of now, Ethereum is trading around $2,500, down about 2% in the past 24 hours. The price is caught between selling pressure at the $2,800 zone and strong buying force below. There are not many technical barriers above, aside from the aforementioned ownership cost cluster, so if ETH breaks through $2,800, the momentum could quickly push the price to the $3,000 mark. Conclusion Ethereum is at a critical juncture. If positive momentum is strong enough to break through the resistance zone around $2,800, the market could witness a new rally to the zone of $3,000. Conversely, if the force is insufficient, ETH may retrace to test the support zone of $2,370 before continuing the long-term upward trend.