Ethereum (ETH) Price: ETH Trades Near $2,683 as Buyers Test $2,720 Resistance

TLDR

• Ethereum is trading near $2,683, down 0.36% in 24 hours, with about $17.2 billion in trading volume.
• Trader XO says a break above $2,720 could send ETH toward $2,900 and the yearly opening level.
• Trader Symba sees a possible bullish checkmate pattern, with $2,650 to $2,710 as the reaccumulation range.
• CW8900 reports net buying on Coinbase, along with stronger buying on Binance and OKX.
• BitMine bought 17,362 ETH last week, bringing its total holdings to about 6 million ETH.

Ethereum (ETH) is trading near $2,683 as buyers try to push the price through a key resistance zone. The token is down 0.36% over the past 24 hours, according to Brave New Coin data.

Trading volume stands at about $17.2 billion. The price has recovered from recent lows but has not yet moved above the $2,710 to $2,720 range.

Analyst Trader XO said on X that $2,720 is the level that could spark another move higher. The analyst’s preferred scenario has ETH reclaiming that level and rotating toward Monday’s highs.

From there, Trader XO sees the $2,900 region and the yearly opening level as the next targets. The four-hour Stochastic indicator is also starting to reset, which could leave room for another push.

If ETH fails to hold above $2,720, Trader XO’s broader range of $2,300 to $2,700 stays in play. That makes $2,650 a key nearby support level.

Bullish Checkmate Pattern Forms on Daily Chart

Trader Symba pointed to a possible bullish checkmate pattern on the ETH daily chart. The setup includes a first move higher, a period of sideways trading, and a possible second leg up.

The analyst marked $2,650 to $2,710 as the reaccumulation range. Buyers defending $2,650 and pushing above $2,710 would confirm the pattern.

A breakout could bring $2,800 into view, with $3,000 next if momentum holds. A clear drop below support would weaken the setup.

Exchange Buying and BitMine Holdings

Buying activity is picking up across major exchanges. Buyers have become more active around the $2,640 to $2,650 area as selling pressure eases.

Market watcher CW8900 shared data on X showing Coinbase recorded net buying in the previous session. That was followed by very limited selling in the latest session.

CW8900’s charts also showed stronger buying on Binance and OKX. This suggests demand is spread across several platforms rather than one exchange.

BitMine bought another 17,362 ETH last week, according to an update posted on X. The purchase brings the company’s total holdings to about 6 million ETH.

The buying adds to the company’s large ETH position. Still, institutional purchases do not guarantee an immediate price rise.

Traders are now watching a clear set of levels. Support sits at $2,650, while the breakout zone remains $2,710 to $2,720.

Above that, resistance lies at $2,800 to $2,900, with $3,000 as the larger target. A loss of $2,650 could open a retest of $2,600 to $2,550.

At last check, ETH was trading around $2,683. Buyers continue to defend $2,650 as the price holds below the $2,720 resistance.

The post Ethereum (ETH) Price: ETH Trades Near $2,683 as Buyers Test $2,720 Resistance appeared first on Blockonomi.