Ethereum (ETH) continues to face significant resistance below $2,400 amid declining trading volume and market indecision. Analysts report repeated rejections limiting upside momentum, while key support levels near $2,050 hold. The token’s next major move depends on whether it can break above critical resistance or risks falling toward its macro trendline near $1,800.
Ethereum’s price remains range-bound as it struggles to overcome resistance near $2,400. CyrilXBT highlighted that this zone has seen several rejections while trading volume has declined significantly since February.
“There is a lack of conviction from both sides,” the analyst stated. He identified a macro trendline near $1,800 as a crucial support level should selling pressure intensify.
Analyst Gabz mentioned a resistance range at $2,190 that ETH has tested multiple times without a breakout. He noted the coin needs to break and hold the 50-day EMA at $2,196 to attempt higher price targets.
“A confirmed move above this level will take ETH up to $2,340 and $2,390,” Gabz said. He added that breaking through could potentially push the coin toward the 200-day EMA at $2,786.
On the downside, established support levels are at $2,050 and $1,990. Additional support is observed at the Supertrend line at $1,978 and an ascending trendline at $1,950.
Technical indicators show a flattening Money Flow Index and neutral volume, suggesting a lack of buying or selling pressure. This setup indicates a potential move toward either support or resistance in the near term.
According to CoinGlass data, futures volume fell by 32.08% to $51.86 billion. Meanwhile, open interest rose by 7.56% to $30.79 billion.
The open interest-weighted funding rate stands at -0.0021%, indicating a bearish sentiment among derivatives traders. At press time, ETH was trading at $2,172.75 with a daily increase of 1.69%.
