Ethereum price has been facing strong resistance in the $2,350 to $2,400 band in recent days. Recent analysis in the market has revealed that ETH has not yet clearly surpassed this level and the short-term outlook remains fragile. While the coin is trading above support near $2,295, there is not enough upward momentum.
Market resistance: $2,350-$2,400 range is on the agenda again
Market commentator Ted shared that Ethereum on the Binance exchange is trading in a tight range against Tether on the 2-day chart. The trading price at $2,332 indicates that the red resistance band below this area has been tested several times and has not been breached so far.
In the chart presented by Ted, it was also stated that investor interest remained weak and especially ETF purchases have not yet made the expected contribution to Ethereum. This prevents the price from starting a permanent rise above the resistance zone. As a result, Ethereum has been fluctuating in a short-term range for some time and this structure is causing instability in the market.
According to the chart shared by Ted, “In order for the breakout to occur in Ethereum, persistence above the $ 2,350-2,400 range is required. If this region cannot be crossed again, it may be possible for the price to drop to $ 2,200 and then to $ 1,740, which was seen as the bottom of the last decline.”
On the other hand, in the positive scenario, first closings above $2,400 and then a move towards $2,700 are predicted as buyers take control. Later, Ethereum may rise to the $ 3,000-3,200 range. Currently, the short-term direction of the market remains uncertain.
$2,295 is critical support, new targets below
In the current chart shared by MCO Global on X, Ethereum price continues to trade above support near $ 2,295. On the 1-hour chart, it can be seen that the current structure is still preserved and the price is hovering around $2,325 in the short term. In the analysis, it was emphasized that the $ 2,295 level is worth watching closely.
For Ethereum, which has recently retreated from the peak of $ 2,390, the loss of the $ 2,295 support brings up the potential for a sharper decline. In MCO Global’s analysis, it was reported that if this level is broken below, successive supports will be followed in the regions of 2.221, 2.164, 2.108 and 2.031 dollars.
In MCO Global’s chart, “The short-term outlook can be maintained as long as it remains above $ 2,295. However, if this level is broken, a correction wave up to $ 2,031 stands out as the main scenario.” The statement was included.
These zones also correspond to Fibonacci retracement levels; $2,221 indicates 38.2 percent, $2,164 indicates 50 percent, and $2,031 indicates 78.6 percent. While analysts particularly draw attention to the $2,030 support, they predict a stronger buyer reaction here.
On the other hand, there is an important resistance zone for an upward move in the $2,475–$2,646 range. It seems difficult for a new recovery wave to begin in Ethereum without exceeding these levels. This means that even if the current support is maintained, the price is still facing tough resistance.
For now, investors have set the $2,295 level as the main monitoring point. If this zone fails to hold as support, the downside is expected to continue towards $2,030.
