Ethereum Faces Strong Resistance at $2.8K Amid Market Volatility

• Ethereum fails to break the $2.8K resistance level.
• Bybit’s announcement post-hack coincides with ETH sell-off.
• BTC and ETH reacting well at .786 Fibonacci levels.

Ethereum Struggles to Break Key Resistance

Ethereum ($ ETH ) has once again failed to break above the critical $2.8K resistance level, which has remained a major hurdle over the past few weeks. This price zone has proven to be a strong barrier for ETH, preventing a sustained breakout. The rejection at this level suggests that sellers remain dominant in this range, leading to increased volatility in the Market .

Impact of Bybit’s Announcement on ETH’s Price

Shortly after Bybit announced that it had filled the financial gap left by its recent hack, Ethereum’s price began to decline. While this event might not be directly responsible for the sell-off, it indicates how external market news can influence price movements. Investor sentiment remains cautious as the crypto market reacts to broader economic conditions and exchange-related developments.

$ETH Has failed to break above that important $2.8K area which has been a big resistance the past few weeks.

After Bybit announced they filled the hole after the hack, price started selling off.

This cycle, both $BTC $ETH have reacted well around the .786 levels so I'm… pic.twitter.com/uZNGoiuQAT

— Daan Crypto Trades (@DaanCrypto) February 25, 2025

BTC and ETH Holding Key Fibonacci Levels

Both Bitcoin ($ BTC ) and Ethereum have shown resilience around the .786 Fibonacci retracement levels. This technical level has played a significant role in previous cycles, acting as strong support. Additionally, BTC recently swept its range lows, a move that could signal potential accumulation before a possible recovery.

The larger trading range for ETH remains between approximately $2.1K and $2.8K. Until Ethereum decisively breaks above or below this range, traders may continue to see choppy price action. For now, holding spot positions and observing market movements seems to be the preferred strategy for many investors.