Ethereum (ETH) Price: Bulls Hit a Wall at $2,400 — Can They Break Through?

TLDR

• ETH hit a high of $2,417 before sellers pushed it back down
• Key resistance sits at $2,360–$2,400; support holds around $2,190–$2,295
• Whale wallets have offloaded around 60K ETH since prices hit their break-even level
• ETH futures open interest has stalled at 14.2 million ETH with no expansion
• US spot ETH ETFs saw five straight days of net inflows, pulling in $67.8M on Wednesday

Ethereum climbed to $2,417 before sellers stepped in and pushed the price back below $2,350. The move higher ran into a wall that analysts have been watching for days.

Price is now trading just above $2,300, which sits above the 100-hourly Simple Moving Average. Bears are defending the $2,360 level, where a short-term trend line also adds pressure.

The immediate resistance levels are stacked between $2,360 and $2,420. A clean break above $2,420 could open the door toward $2,450, $2,500, and possibly $2,550. On the downside, $2,295 is the first level to watch, followed by $2,265 and then $2,200.

On the daily chart, ETH holds above the 20- and 50-day EMAs at $2,214 and $2,190. The RSI sits around 61, which shows some upward momentum, but the Stochastic Oscillator near 84 points to overbought conditions that could slow the move.

The 100-day EMA at $2,376 is acting as immediate resistance, just below the horizontal barrier at $2,388. A daily close above that level would put $2,746 and then $3,411 in the crosshairs.

Whale Selling Adding Pressure

On-chain data shows that wallets holding 10K–100K ETH began distributing after prices climbed above their average cost basis. These wallets have offloaded around 60K ETH since Monday.

Two other cohorts, holding 100–1K and 1K–10K ETH, have distributed roughly 350K ETH on the weekly timeframe. This kind of activity often comes from holders looking to exit near break-even.

ETH futures open interest has been flat at around 14.2 million ETH since the price jump earlier in the week. The seven-day moving average of the Taker Buy-Sell Ratio has also started to fall, showing that buyer interest in derivatives is fading.

Ethereum saw $111.6 million in liquidations over the past 24 hours. Long positions made up $70.8 million of those liquidations.

ETF Inflows Offer Some Support

US spot Ethereum ETFs recorded five straight days of net inflows. Wednesday alone brought in $67.8 million, according to SoSoValue data. That signals some institutional demand is coming back, though analysts say the pace is slow.

The 4-hour chart shows ETH rejected from the $2,360 resistance zone and pulling back toward $2,190 support. If buyers defend that level, another attempt at the $2,400 area is possible.

ETH is currently trading at $2,350, holding above short-term moving averages, with $2,360 as the next resistance to clear.

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