Ethereum Buyers Dominate Like It’s 2021 – Find Out What Happens Next
Ethereum is testing resistance just below $2,400, caught between renewed buying interest and the lingering uncertainty that has defined the market for months. The price action looks tentative from the outside — but a CryptoQuant report is pointing to something happening beneath the surface that the chart alone does not capture. The recent move is supported by the 50-day moving average (blue), which has turned upward and is now acting as dynamic support. This is typically an early signal of momentum recovery. However, the broader trend remains unresolved. ETH is still trading below both the 100-day (green) and 200-day (red) moving averages, which continue to slope downward, reinforcing the presence of overhead resistance.Related Reading
The $2,300–$2,400 region is technically significant. It previously acted as support before the February breakdown and is now being retested as resistance. A clean break and consolidation above this range would mark a structural shift and likely open the path toward the $2,700–$2,900 region.
Volume remains relatively muted compared to the February spike, suggesting the recovery is controlled rather than driven by aggressive inflows. This implies accumulation rather than speculation.
Failure to break above resistance would likely extend consolidation between $2,000 and $2,400, delaying confirmation of a broader trend reversal.
Featured image from ChatGPT, chart from TradingView.com
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