Ethereum Whales Remain at a Breakeven Point of $2,400: Could This Impact the Rally?

The price of Ethereum is currently trading between $2,350 and $2,351 after achieving consecutive daily increases of 4.76% and 6.32% in recent days, yet the chart reveals a more intricate situation.

Distribution pressure from whale groups positioned near their average cost basis is forming a barrier that bulls have yet to overcome. A specific resistance level is primarily responsible for this challenge.

As reported by Cryptoquant, significant whale and retail groups have average cost basis levels ranging from $2,324 to $2,436, a range that closely aligns with current price movements and generates natural selling pressure as holders aim to exit near breakeven.

Source: Cryptoquant

On Wednesday, US spot ETH ETF inflows amounted to $67.8 million after five consecutive days of net inflows, according to SoSoValue data, indicating a gradual yet genuine re-engagement from institutional investors.

In the last 48 hours, liquidations totaled $111.6 million, with $70.8 million attributed to long positions, as per Coinglass, serving as a stark reminder that leverage poses risks at these price levels.

The overall sentiment in the crypto market has stabilized alongside equity markets; however, ETH’s internal indicators imply that the recovery lacks the volume conviction necessary to breach the next significant resistance area. The upcoming 72 hours may reveal whether this represents a phase of base-building or a false breakout.

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Can Ethereum Price Surpass $2,400 and Confirm a Bullish Trend Reversal?

Ethereum’s price is essentially trapped just below a resistance level, with $2,400 being the key point of contention, as it coincides with both resistance and the 100-day EMA, leading to repeated rejections on attempts to breach it.

However, the underlying structure appears robust, with the price remaining above the 20 and 50-day averages, which maintains a slightly bullish bias as long as this support holds.

Source: Tradingview

Currently, momentum is somewhat neutral, with the RSI positioned in the middle and the MACD remaining weak but beginning to flatten, typically indicating that a significant move is in the works but has yet to determine its direction.

If ETH manages to surpass $2,400 with substantial volume, it could lead to rapid movement toward $2,500 and beyond, as the structure is already conducive to continuation.

Conversely, if it continues to struggle at this level, a pullback becomes increasingly probable, with $2,200 being the first critical support that must hold; if that fails, a swift decline could follow.

This situation represents a tight setup where the outcome hinges on a single level: break it, and the price rallies; fail to do so again, and a pullback ensues.

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LiquidChain Aims for Early-Mover Advantage as Ethereum Tests Key Resistance

ETH’s recovery is genuine, but the potential upside from $2,350 to approximately $3,000 represents around 27%—a respectable figure, yet not the type of asymmetric return typically seen in early crypto cycles.

For traders monitoring Ethereum’s open interest dynamics and awaiting confirmation before increasing their positions, there is a concurrent discussion occurring in early-stage infrastructure.

LiquidChain (LIQUID) is an L3 infrastructure initiative with a distinct structural proposition: it integrates Bitcoin, Ethereum, and Solana liquidity into a unified execution environment, referred to as a Unified Liquidity Layer. Developers can deploy once and gain access to all three ecosystems.

The mechanics involve Single-Step Execution, Verifiable Settlement, and a Deploy-Once Architecture aimed at eliminating the fragmentation that continues to undermine cross-chain DeFi strategies. The presale is currently set at $0.0145, with $675,934.65 raised to date.

This reflects early-stage traction rather than a completed fundraising effort—an important distinction. Presales entail execution risk, lack liquidity guarantees, and may experience token unlocks that could pressure prices post-launch. Conduct thorough research before investing.

Research LiquidChain Here.

The post Ethereum Whales Are Sitting on a Breakeven Ceiling at $2,400 Price: Are They About to Kill the Rally? appeared first on Cryptonews.