Ethereum Targets Key Upside as Bulls Eye $2,400 Break for Further Gains

Ethereum is showing signs of recovery, trading above $2,320, but must break the $2,400 resistance to build momentum for a potential move toward $2,450 and beyond.

Ethereum price is making a fresh attempt to climb higher after finding support above the $2,250 level. Following the formation of a base, ETH began to rise above the $2,300 mark, mirroring Bitcoin’s recent upward momentum.

The price action saw Ethereum breaking above a short-term declining channel, with resistance near $2,350 on the hourly chart of the ETH/USD pair (data from Kraken). The price briefly surged past the $2,380 level but remains just below the critical $2,400 resistance. A recent high of $2,390 was formed, and the price is currently consolidating its gains.

At the time of writing, Ethereum is trading above $2,320 and the 100-hourly Simple Moving Average. The price is testing the 23.6% Fibonacci retracement level of the recent upward move from the $2,278 swing low to the $2,390 high.

On the upside, immediate resistance is located near the $2,380 level. The first major hurdle for the bulls lies at $2,400. A successful break and close above this level could trigger a fresh rally, potentially driving ETH toward the $2,450 resistance zone. Further gains could see Ethereum testing the $2,500 level, and an upside break beyond $2,500 could push prices higher toward the $2,550 zone in the near term.

However, if Ethereum fails to clear the $2,380 resistance, it could face another decline. Initial support on the downside is near $2,350, followed by stronger support near $2,330. This level also aligns with the 50% Fibonacci retracement of the recent move from $2,278 to $2,390. A break below these levels could lead to further downside pressure, sending ETH lower in the near term.

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