Ethereum Faces Key $2,800 Resistance Amid Market Dip

Ethereum (ETH) experienced a 3.58% price decline in the past day, trading at $2,514, influenced by broader crypto market reactions to potential negative US-China trade talk outcomes, according to reports on May 30. Despite this, Ethereum shows a 43.22% gain on the monthly chart, maintaining a bullish trend. The current market capitalization of Ethereum is $311.69 billion. Analyst Daan Crypto highlighted a critical resistance level at $2,800 in an X post on May 30. Historically, breaking above or below this level has led to significant price movements. Ethereum previously faced rejection at $2,800 after the crypto market rebound in April, indicating strong selling pressure. A successful breakout could signal a move towards reclaiming the $4,000 price zone. Sentora reported a 2.3% decline in weekly Ethereum network fees, suggesting reduced transaction numbers. However, exchange net outflows of $516 million indicate continued bullish sentiment among ETH investors.