Ethereum Eyes $2,870 After Resistance Break, But Rejection Risks Remain

• Ethereum tests key $2,770 resistance after breaking above $2,690.
• Rejection near $2,740 signals ongoing consolidation and seller pressure.
• Support at $2,690 may hold, but $2,470–$2,380 downside risk remains.

Ethereum’s price movement on June 10 signaled a possible shift in market structure after breaking a key resistance zone. The digital asset surged to $2,755, overcoming the $2,690 barrier before facing strong seller activity just below the $2,770 level. Data from Binance’s 4-hour perpetual contract chart indicates this level remains a critical hurdle.

On June 9, Ethereum began an upward push from the $2,490–$2,610 zone, gaining 2.94% within the day. The breakout came after a higher low formation near $2,410 on June 7. This technical pattern marked the end of a consolidation phase that lasted through late May and early June.

As of early June 10, ETH climbed above the $2,690 resistance and reached $2,755. However, the momentum slowed as the price encountered fresh resistance around $2,770. According to charts reviewed by analyst @ali_charts, further gains could follow if Ethereum manages to close firmly above this zone. In that case, upside targets include $2,870, $2,960, and potentially $3,160.

Resistance Zone Triggers Sell-Off

Despite the breakout attempt, Ethereum’s rally stalled in the early hours of June 10. After touching $2,699, ETH reversed sharply and dropped to $2,666.63, marking a 0.80% decline in the most recent 4-hour candle.

Since late May, the $2,700–$2,740 zone has consistently acted as a resistance band. Multiple rejection events within this range highlight continued selling pressure and overhead supply. The recent pullback highlights the need for a decisive close above $2,740 before bulls can regain control.

Market Consolidation Still in Play

Ethereum remains in a defined horizontal channel, fluctuating between the $2,470 support level and the $2,740 resistance area. Analysts are watching for confirmation of a sustained breakout, which would signal the end of this trading range.

If the price does go down, however, the support at $2,690 may keep it from going any further. A drop lower than $2,580 could occur unless the price stays above $2,640. If the downward trend continues, Bitcoin can be traded at $2,380.

As ETH seeks to retain a neutral-to-bullish design, traders are watching these levels. The upcoming sessions could likely determine whether Ethereum continues its march higher or consolidates further.