Peter Smith
⬤ Ethereum is testing a critical resistance zone near $2,400 after recovering from the $1,700-$1,800 support region. The current price is hovering around $2,334, just below the supply band that has repeatedly capped upside momentum. As analyst Ted noted, ETH reclaimed $2,000 after a 20% drop and is now eyeing this next key barrier.
⬤ The $2,400 level marks a structural inflection point where Ethereum previously lost support, turning it into resistance. This zone aligns with the broader $2,300-$2,400 barrier identified in recent technical setups as the first real test of any sustained recovery attempt.
The $2,400 level has been consistently identified as a critical resistance area in recent sessions.
⬤ A secondary resistance sits near $2,624, marking an untested supply level above current price. On the downside, the chart outlines potential moves back to $2,100 and deeper support near $1,700 and $1,550. Ethereum was previously rejected at $2,150, with that failure dragging price back toward the $2,000 support zone.
⬤ The broader market context places ETH within a historically significant $2,000-$2,400 range. Ethereum holding $2,000 support defined the base for this recovery, and price behavior at the $2,400 ceiling will determine whether the move extends or rolls back into renewed selling pressure.
Peter Smith
