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Ethereum Fails to Break Through $2,400 Resistance on a Weekly Basis: A Critical Threshold for Uptrend

ETH again failed to break through the $2,400 resistance level.

Short-term sideways movement and selling pressure continue.

The $2,400 level is critical for a strong breakout.

A weekly close above the resistance could lead to an upward move.

Throughout the week, Ethereum remained below the $2,400 level, drawing investors' attention to this important resistance point. According to prominent charts in technical analysis, the ETH price attempted to break through this region several times but faced selling pressure each time. The consolidation in both the short-term and weekly periods indicates that Ethereum is approaching a critical area for its next move.

$2,400 Resistance Retested

A 2-day ETH/USDT chart shared by a market analyst shows Ethereum finding buyers at $2,369. Despite Bitcoin's relatively strong performance recently, Ethereum continues to face resistance around $2,400. Analysts stated that it's too early to talk about a significant strengthening of Ethereum unless this level is breached.

The chart shows that the $2,400 to $2,470 range stands out as the strongest resistance zone for Ethereum in the near term. According to analyses, a clear break above this band would target $2,624 and then around $2,800 as new goals.

However, if the upward movement doesn't occur, increased selling pressure is also possible. According to the roadmaps drawn by analysts, the $2,140 to $2,180 region is the first strong support level. In the event of a decline, the risk of falling to $1,780 and even further to $1,693 remains.
Despite all these scenarios, for now, the Ethereum price continues to fluctuate between $2,140 and $2,400. Investors are acting cautiously until a new direction is determined.

Expected Breakout from Triangle Formation

The weekly ETH/USD chart shared by market observers shows Ethereum trading at $2,378, with the price stuck just below the horizontal resistance of $2,400. On the other hand, a classic triangle formation has emerged in ETH, supported by an ascending trend line.

The price movement between the ascending support and horizontal resistance signals that volatility may increase in the near term. The prominent $2,400 threshold has not yet been breached. According to analyses, weekly closes above this level could lead to a complete change in the chart structure and the emergence of upward targets.

If the triangle formation breaks out, Ethereum could test the $3,000 level within a few weeks; however, confirmation of the pattern is not yet available.

The next major resistance band observed on the chart is between $3,328 and $3,965. $2,943 also stands out as an important intermediate level. However, the primary condition for any upward movement is for the price to clearly surpass $2,400.

Technical indicators also point to obstacles ahead for ETH. In particular, the resistance near the red moving average at $3,080 could create new selling pressure even in short-term upward movements.

In conclusion, Ethereum's price still appears uncertain as it hasn't yet broken above the $2,400 level, and investors are waiting for this threshold to be surpassed to determine the main direction.
‍$ETH