Ethereum price tested the important resistance zone in the $2,300–2,400 band after the strong breakout in recent days. With the increase in market volume and participation, Ethereum started to rise from the long-term sideways movement and brought important technical levels back to the agenda in the short term.
Ascension Move Gains Strength
The rise in Ethereum price gained momentum by exceeding the previous consolidation range. Trader Symba, who is actively trading in the crypto market, stated that the price increased by nearly 19 percent after this breakout and the $ 2,200 level stood out as support again. $2,400 stood out as the new resistance. If persistence above this price level can be achieved, the $ 2,500–2,600 range may be the next target.
$2,400 Resistance and Possible Scenarios
According to analyst Ted Pillows, Ethereum is now approaching the region around $2,400, where sellers have historically stepped in.
At this point, it was stated that the price may rise above this level with a short-term rise and then retreat quickly, meaning that the buying wave may tire.
The charts show that the tendency to take profits and open short positions may increase in this region.
CME Gap and Downside Risks
Another factor that attracted attention on the market side was the price gap that remained open below in Chicago Mercantile Exchange (CME) transactions. According to data shared by Crypto Chiefs, this gap indicates a downside potential of approximately 8 percent. Historically, price gaps on CME tend to close in the future. Therefore, although Ethereum continues to rise in the short term, the possibility of a pullback remains on the agenda.
Positions of Major Investors in the Market
According to the current information shared by Max Crypto, which operates in the derivatives market, one major investor opened a short position worth $22.4 million in Ethereum.
It was reported that some large investors predicted that the price would fall and took positions in this direction.
However, if the price continues to rise, the upward movement may accelerate further with the liquidation of such large positions. Conversely, unsuccessful resistance attempts may work in favor of these short positions.
Critical Technical Levels and Current Outlook
Consolidation continues in the $2,350–2,400 region on Ethereum’s short-term charts. Just below it, $2,250 and $2,200 levels stand out as strong support. In technical terms, support and resistance levels stand out as follows:
- Support: $2,200–$2,250 range
- Key resistance: $2,400
- Upside target: $2,500–$2,600
- Downside risk area (CME gap): Approximately 8 percent below current price
Amid these developments, the Ethereum price was traded around $2,332 at press time. The next movement of the market will be determined by the movement of the price at key levels rather than predictions and speculations.
