Ethereum has remained below the $2,400 level throughout the week, focusing investors’ attention at this important resistance point. According to the charts featured in the technical analysis, the ETH price tried to break through this zone several times but encountered selling pressure each time. Squeezes occurring in both the short-term and weekly periods indicate that Ethereum is approaching a critical area for its next move.
$2,400 Resistance Retested
In the 2-day ETH/USDT chart shared by market analyst TedPillows, it was seen that Ethereum found buyers at $ 2,369. Despite Bitcoin’s relatively strong stance recently, Ethereum continued to face resistance around $2,400. The analyst stated that it is premature to talk about a significant strengthening on the Ethereum side unless this level is exceeded.
Although the ETH price has tried to break through the red resistance zone several times, there has been no clear breakout so far. This area remains a strong region.
On the chart, between $2,400 and $2,470 stands out as the strongest resistance zone for Ethereum in the near term. According to analysis, if this band is clearly exceeded, first $ 2,624 and then around $ 2,800 stand out as new targets.
However, if the upward movement does not occur, it is possible that the selling pressure will increase. According to the road maps drawn by analysts, the area between 2,140 and 2,180 dollars below is the first strong support position. In possible declines, the risk of a decline to $1,780 and lower to $1,693 remains on the table.
Despite all these scenarios, for now the Ethereum price continues to fluctuate between $2,140 and $2,400. Investors remain cautious until a new direction is determined.
Breakout Expectation in the Triangle Formation
In the weekly ETH/USD chart shared by market follower Sky, it was stated that Ethereum was traded at $ 2,378 and the price was stuck just below the horizontal resistance of $ 2,400. On the other hand, a classic triangle formation stood out in ETH, with the rising trend line offering support from below.
Sky points out that this pattern could bring a significant break for Ethereum. Price movement between ascending support and horizontal resistance signals that volatility may increase in the near term. The prominent $2,400 threshold has not yet been exceeded. According to analysis, weekly closings above this level may lead to a complete change in the structure of the chart and upward targets to be brought to the agenda.
If the triangle formation breaks, Ethereum could test the $3,000 level in a few weeks; However, no confirmation has yet been received to finalize the model.
The next major resistance band observed on the chart is located between $3,328 and $3,965. Additionally, according to Fibonacci analysis, $2,943 stands out as an important intermediate level. However, the primary condition for all this bullish expectation lies in the price clearly exceeding $ 2,400.
Technical indicators also point out that there are obstacles for ETH. Resistance, especially close to the red moving average at $3,080, can create new selling pressure even in short-term rises.
As a result, the Ethereum price still seems unstable as the $2,400 level has not been surpassed, and investors are waiting for this threshold to be crossed in order to determine the main direction.
