Some crypto analysts believe that Ethereum ($ETH) faces a pivotal moment in retrying a major resistance barrier that could make or break the altcoin king’s dreams of recovery.
Ethereum $2,400 Retest: Breakout or Fakeout?
On Wednesday, Ethereum surged 3.6% to retest a key resistance area for the third time this month, as the cryptocurrency looks to recover from recent market turmoil fueled by the U.S.-Iran conflict.
The cryptocurrency has been hovering between $1,800 and $2,450 since the market crash in early February, with multiple attempts to break out of this range ultimately failing.
With the recent recovery in market conditions, $ETH The index has risen 15% from April’s lows, staying in the upper half of the local range for the first time in three months. It is currently trying to reclaim the important $2,400-$2,500 resistance area before a possible rally to higher levels.
Several crypto market observers noted that Ethereum has been moving towards a breakout over the past week, reaching a three-month high of $2,464 last Friday and testing the $2,425 level today.
Analyst Crypto Rand emphasized the importance of reclaiming the region. $ETHasserted that a consolidation above this area would “trigger a major bullish reversal” in the cryptocurrency.
Similarly, Daan Crypto Trades noted that after today’s performance, the king of altcoins is nearing the bullish market band and weekly 200 moving average (MA), currently $2,450.
This level was lost as support in mid-January, and a weekly close above this level could open the door for a retest of the weekly 200 exponential moving average (EMA) located near $2,560.
On the contrary, analyst Ted Pillows shared a bearish view, asserting that although the price has soared, spot demand for Ethereum is “stagnant,” which shows that the recent rally is not supported by stable spot accumulation.
“Ethereum could gain liquidity above the $2,400 to $2,450 level, similar to January 2026,” he explained when the price retested the $3,400 area before the crash.
Trader’s Eye $2,900 and above
Despite concerns of further correction, analyst Ali Martinez recently noted that: $ETHThe SuperTrend, used to identify current market trends, has turned bullish for the first time in over a year.
According to the post, the supertrend has given a buy signal for the first time since the first half of 2025, signaling the end of the current downtrend. The analyst also asserted that if the cryptocurrency clears the $2,385 level, it could pave the way to $2,900 territory.
This level marks the X axis. $ETHThere is a 3-month ascending triangle, and turning it into support would invalidate the recent sell signal and confirm the continuation of the main trend.
“With overhead supply cleared, the technical target for this formation is now $2,900. Momentum remains firmly with the bulls as long as it remains above the breakout zone,” he wrote.
Meanwhile, trader Tardigrade shared his macro perspective on Ethereum based on the two-year upward channel. According to the post, the cryptocurrency retested the lower bound of the channel during the recent market correction, confirmed it as weekly support, and has been pushed back into the channel over the past four weeks.
“If these levels hold, $6,000 is a mid-2026 target based on the channel structure,” he suggested, concluding that “bullish momentum is building.”
