Ethereum (ETH): Resistance at $2,400 awaits a breakout, altcoin market may be brewing

Ethereum's current price is about $2,370, up approximately 3.5% in the past 24 hours, successfully stabilizing above the 50-day and 100-day EMA (around $2,256 and $2,344), confirming a bullish technical trend.

Driving logic: The ETH/BTC exchange rate is forming a bullish pennant pattern; a breakout upward could ignite altcoin rallies. On-chain data shows whales continue to stake ETH to support the price. However, note that Ethereum ETFs have recently shown outflows, recording net reductions over consecutive days, indicating a structural divergence between institutional and on-chain funds.

Technical analysis: The price is testing the key resistance level at $2,400, and a breakout above this level could open the path to $2,500-$2,650. On the 1-hour chart, the $2,290-$2,365 range forms a short-term resistance zone, with the $2,290 level serving as a short-term support and a key level for bulls and bears.

Trade entry strategies:

· Long (conservative): Enter in phases on dips when the price stabilizes around $2,290-$2,310, with a stop loss below $2,250, first target $2,400 → second target $2,500-$2,650.
· Long (breakout chase): Go long after a confirmed close above $2,400, with a stop loss at $2,350, targeting $2,500-$2,650.
· Short (short-term): Lightly short on pullbacks when the price encounters resistance at $2,390-$2,410, with a stop loss above $2,440, targeting $2,300-$2,320.
· Key support levels: $2,290 → $2,260 → $2,200.
· Key resistance levels: $2,400 → $2,420 → $2,650.

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