Ethereum Price Faces $2,150 Barrier, Will It Rally to $2,900 or Drop to $1,900?

Key Insights:

• Ethereum faces strong resistance at $2,150, with a breakout potentially leading to $2,900.
• A failure at this level could trigger a drop to $1,900 before any recovery.
• Whale accumulation and ETF speculation fuel hopes for a long-term bullish breakout.

Ethereum price is at a critical juncture, struggling to break past the $2,150 resistance. A successful breakout could send ETH price toward the $2,700–$2,900 range, while a rejection may trigger a drop to $1,900. Whale accumulation and ETF speculation continue to drive market sentiment, shaping the future of this top altcoin.  

Ethereum Price Faces Strong $2,150 Resistance

Crypto analyst Bull highlighted that the Ethereum price must flip $2,150 into support to confirm a sustained uptrend. This level has acted as a major barrier, preventing ETH from gaining bullish momentum. If ETH price breaks above this resistance, it could fuel a rally toward $2,700 and potentially $2,900. However, traders should remain cautious until Ethereum confirms this move.  

If the price fails to break $2,150 level, it will most likely head back to $1,900. Analyzing the open interest heatmaps, it is clear that more than $ 700 million are staked on long positions ranging from $1,980 to $1,833. This level provides vital support and a likely trading region for Ethereum to bounce back before it continues to rise.  

Whale Activity and ETF Speculation Support Ethereum Price

Despite Ethereum’s struggle to break resistance, on-chain data shows growing whale accumulation. More than 227 large transactions have been reported recently, which proved high interest among investors. Furthermore, anticipation of the approval of the ETF for ether is being considered as bullish for institutional investors. This move will contribute to the stability of ETH in the long run.  

The Market Value to Realized Value (MVRV) ratio, which measures the value of Ethereum, dropped to its lowest levels in a while this past week. This may suggest that the Ethereum price is oversold and is set to break out into a more significant move. However, there is still a short-term volatility threat while tremendous liquidity pools are in place at the lower tiers.  

Will Ethereum Rally or Drop to $1,900 First?

Ethereum price depends on the capacity to sustain a price above $2,150. If the top altcoin breaks through this level, the nearest supply wall or a short squeeze may occur. This mirrors the previous breakouts that saw the Ethereum rising whenever it crossed some specific levels.  

On the downside, ETH may decline toward the $1,900 level if the price fails to hold above $2,150. The $1,800–$2,000 range has served as a crucial support level in the past. A retest of this level could provide a new buying opportunity before the next potential breakout. Additionally, Bitcoin’s price movement will influence Ethereum’s next major trend, as the broader crypto market remains highly correlated.    

Meanwhile, crypto analyst Gert van Lagen points out an intra-weekly chart formation of an inverted head nominal shoulder, targeting $18,000. This leaves the ETH price successfully retesting the $1,800-$2,000 support area and subsequently bouncing off the region. 

This pattern increases the probability of a major breakout of Ethereum, which supports the overall bullish outlook of the leading altcoin. At the time of writing, Ethereum price is $2,068, down 1.15% in the last 24 hours.