Ethereum remained subdued below the $2,400 level throughout the week, drawing intense attention from investors at this crucial resistance point. According to key chart analyses, ETH attempted to break above this zone several times, but each attempt met with significant selling pressure. Both short-term and weekly consolidation patterns indicate that Ethereum is approaching a decisive phase for its next major move.
Repeated tests fail at $2,400 resistance
A two-day ETH/USDT chart shared by market analyst TedPillows shows that Ethereum found buyers around $2,369. Despite Bitcoin’s relatively strong performance in recent days, Ethereum continued to face tough resistance near $2,400. TedPillows indicated that unless this level is convincingly breached, it is too early to talk about sustained strength on the Ethereum front.
While ETH’s price has tried to surpass the red resistance zone multiple times, a clear breakout has not yet occurred. This zone still stands firm as a significant barrier.
According to the chart, the zone between $2,400 and $2,470 stands out as the most significant near-term resistance for Ethereum. Should ETH decisively move beyond this band, new targets of $2,624 and then $2,800 could come into play, as highlighted by technical analysis.
However, failure to breach this range could lead to increased selling pressure. Analysts’ roadmaps identify the $2,140 to $2,180 zone as the first major support if prices fall. In a deeper decline, Ethereum faces the risk of dropping as low as $1,780 or even $1,693 if bearish momentum accelerates.
So far, Ethereum’s price continues to fluctuate between $2,140 and $2,400, and investors remain cautious until a decisive move chooses a new direction.
Triangle formation signals a possible breakout
Weekly ETH/USD data shared by market watcher Sky observes that Ethereum was trading at $2,378, consolidating just below the horizontal resistance near $2,400. Alongside an ascending trendline providing lower support, the classic triangle formation is clearly appearing on the ETH charts.
Sky points out that this pattern could bring a major breakout for Ethereum. The price action between the rising support and flat resistance hints at increased volatility ahead. The focus remains on the $2,400 threshold, which has so far remained unbroken. Closing weekly candles above this level could dramatically shift the structure and bring upward targets back on the radar.
If the triangle formation breaks, Ethereum could test the $3,000 level within weeks; however, confirmation of the breakout is still pending.
The next major resistance band on the chart lies between $3,328 and $3,965. Fibonacci analysis also highlights $2,943 as another key interim level on the upside. However, any sustained bullish momentum will depend foremost on Ethereum clearing the $2,400 mark with conviction.
Technical indicators also show hurdles ahead for ETH. Especially the red moving average at $3,080 sits close to resistance, meaning even short-term rallies could trigger new selling waves.
In summary, Ethereum’s indecisive stance continues as it struggles to overcome the $2,400 resistance. Investors are waiting for a clear breakout at this level before determining the next major trend.
