Some crypto analysts have affirmed that Ethereum (ETH) is facing a pivotal moment as it retests a major resistance barrier that could make or break the King of Altcoin’s recovery dreams.
Ethereum $2,400 Retest: Breakout or Fakeout?
On Wednesday, Ethereum jumped 3.6% to retest a crucial resistance area for the third time this month, as the cryptocurrency attempts to recover from recent market jitters fueled by the US-Iran conflict.
The cryptocurrency has been hovering between $1,800-$2,450 since the early February market crash, attempting to break out of this range on multiple occasions but ultimately failing.
Amid the recent market recovery, ETH has surged 15% from April’s lows and sustained the upper half of its local range for the first time in three months. Now, it is trying to reclaim the crucial $2,400-$2,500 resistance area before potentially climbing to higher levels.
Multiple crypto market observers noted that Ethereum has been pushing toward 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 this region for ETH’s price, affirming that consolidation above this area would “trigger a major bullish reversal” for the cryptocurrency.
Similarly, Daan Crypto Trades pointed out that after today’s performance, the King of Altcoins is near its bull market band and the weekly 200 Moving Average (MA), currently at $2,450.
This level was lost as support in mid-January, and a weekly close above it could open the door to a retest of the weekly 200 Exponential Moving Average (EMA), located around the $2,560 mark.
On the contrary, analyst Ted Pillows shared a bearish perspective, affirming that although the price is surging, Ethereum’s spot demand “is stagnant,” which signals that the recent rally is not supported by steady spot accumulation.
“Ethereum could have a liquidity grab above the $2,400-$2,450 level similar to Jan 2026,” he explained, when the price retested the $3,400 area before crashing.
Traders Eye $2,900 And Beyond
Despite the concerns of another correction, analyst Ali Martinez recently noted that ETH’s SuperTrend, used to identify the current market trend, flipped bullish for the first time in over a year.
Per the post, the SuperTrend showed a Buy signal for the first time since the first half of 2025, suggesting the end of the current downtrend. The analyst also affirmed that if the cryptocurrency clears the $2,385 level, it could open the path to the $2,900 area.
This level marks the X-axis of ETH’s three-month ascending triangle, and turning it into support would neutralize recent sell signals and confirm a major trend continuation.
“With the overhead supply cleared, the technical objective for this formation is now $2,900. As long as we hold above the breakout zone, the momentum remains firmly with the bulls,” he wrote.
Meanwhile, Trader Tardigrade shared a macro perspective on Ethereum based on a two-year ascending channel. According to the post, the cryptocurrency retested and confirmed the channel’s lower boundary as support in the weekly timeframe during the recent market correction, pushing back into the channel over the past four weeks.
“If this level holds, $6,000 is the mid-2026 target based on the channel structure,” he suggested, concluding that “Bullish momentum building.”
