Ethereum Faces Roadblock at $2,700 Despite Rising Network Activity

ETH struggles below $2,700 SMA200 as $2,800 cost basis triggers potential profit-taking.

On-chain metrics stay strong with a 37% rise in activity and $65.3B TVL supporting demand.

Futures open interest hits $17B, but ETH must break $2,700 to target the $2,900 resistance.

Ethereum is currently trading at $2,557.03, facing strong resistance below the 200-day Simple Moving Average (SMA200) set near $2,700. Despite a 56% price increase from early May lows, ETH has yet to break through this key technical level, limiting near-term upside momentum.

$2,700 Remains a Critical Barrier as Profit-Taking Emerges

According to an analysis prepared by Glassnode, a dense cluster of investor cost basis levels sits near $2,800. This zone may create sell-side pressure, as holders who were previously at a loss could seek to exit at breakeven

Source :Glassnode(X)

Ethereum reached $2,734 on May 23 before falling back, indicating that sellers may already be active. Crypto analyst Michael van de Poppe noted that ETH must stay above $2,400 to keep its bullish structure intact

Source :Michael Van de Poppe(X)

On-chain data shows signs of short-term selling, as net flows toward exchanges have increased over the past 30 days. Market sentiment remains cautious, especially as external events such as U.S. trade policy developments affect broader investor behavior.

Network Metrics Remain Strong Despite Price Resistance

Ethereum continues to lead in network usage. Daily transaction counts have increased 37% in the past month, and average transaction fees hit a 90-day high of $1.33. These metrics indicate growing interaction with decentralized applications across the ecosystem

Data from DefiLlama shows Ethereum’s total value locked has reached $65.3 billion, a 44% rise in the last month. Institutional interest also remains steady, with SoSoValue reporting $249 million in ETF inflows from May 13 to May 22

Source :AK47(X)

According to AK47, Ethereum’s futures open interest has surged to $17 billion, showing active participation from large players. Even with strong on-chain and institutional data, Ethereum must break above the $2,700 SMA200 to regain bullish control and challenge higher resistance levels near $2,900.

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