Can Ethereum Price Push Toward $2,750 if $2,400 Finally Breaks?

Key Insights:

• Ethereum price is still consolidating below $2,400 as traders await a breakout.
• Bitmine staked 162,088 ETH, bringing its staked ETH to 4.19M.
• Analysts see $2,200 as key support, while $2,400 remains the recovery trigger.

At press time, the Ethereum price consolidated below the $2,350–$2,400 resistance zone. With this, traders were waiting for confirmation. ETH remained near $2,200-$2,300 despite the stock market surge.

However, whale staking, long-term chart patterns, and cycle comparisons still keep the bullish case alive.

Ethereum Price Still Faces $2,400 Resistance

Ted Pillows said Ethereum is still consolidating despite strength in the broader stock market. He noted that ETH must reclaim the $2,350–$2,400 zone before a real breakout can develop. Until that happens, the risk of further decline is high.

His chart places $2,400 as the first major resistance zone. If Ethereum price rises past this zone, the following resistances are around $2,624 and $2,750. A more intense continuation can open the way to $3,100.

But if Ethereum fails to regain this area, pressure remains on the bulls. The chart has $2,200 as the next support and the first line of defence. The next support levels are around $1,800 and $1,693.

This makes the current range important. Ethereum has recovered from its February lows, but it still lacks confirmation. So, investors are waiting to see if buyers convert $2,400 to support.

Bull Pennant Supports Wider Bullish View

More so, Trader Tardigrade focused on Ethereum’s 2-month chart. He added that ETH continues to hold a massive long-term bull pennant. The structure formed after the 2021 all-time high and has continued through several years of consolidation.

The pattern showed a flat upper resistance line and a rising support line. The chart has a compression pattern. Tardigrade pointed out that it keeps Ethereum structurally bullish in the long term.

But this is a long-term signal. The top of the pennant seems to be around 2027-2028. So, the pennant may take a bit longer to resolve.

Still, the chart adds context to the current price weakness. Rather than a complete breakdown, the consolidation could still be part of a larger bullish continuation pattern. So, the long-term outlook for Ethereum remains bullish, but the short-term outlook remains unclear.

Bitmine Staking Adds Institutional Support

Institutional flows also add another layer to the Ethereum outlook. Bitmine, owned by Tom Lee, recently staked another 162,088 ETH, or $366 million. This has brought Bitmine’s total staked ETH to 4.19 million ETH.

It is worth $9.48 billion. It is also 82.59% of Bitmine’s ETH assets. The staking activity implies long-term holding rather than speculation.

High staking can potentially decrease market liquidity. It could also indicate that large holders are willing to stake ETH despite the current price volatility. Moreover, it supports the idea that institutional participants still view Ethereum as a long-term asset.

However, staking cannot spark a breakout. Ethereum still requires greater spot buying and a clear resistance breach. Without this, big holdings may provide sentiment but not immediate growth.

Prior ETH Cycle Setup Points to Possible Upside

Meanwhile, GalaxyTrading compared Ethereum’s current structure with its Q3–Q4 2024 setup. At the time, the chart was interpreted as a bear flag, and traders were anticipating a decline. However, Ethereum price broke out to the upside.

The analyst said the current price action looks almost identical. ETH has experienced a steep fall, followed by consolidation at support. At the same time, many are still looking for lower prices, with some calling for a fall below $1,000.

GalaxyTrading argued that this kind of positioning could support an upside surprise. A breakout above the current range could be a repeat of the previous breakout. This could then support an upside surprise and upend a bearish narrative.

Still, Ethereum prices need to reclaim and support $2,400. If not, the bearish scenario Ted Pillows outlined is still on the table.

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