Ethereum (ETH) is currently facing a significant challenge at the $2,460 price level, where 10.95 million investors acquired a staggering 64.52 million ETH. This price point represents the most formidable resistance barrier that Ethereum must overcome to sustain its bullish momentum. According to on-chain data, the large concentration of investors holding ETH at this level creates a psychological and technical hurdle, making it a crucial battleground for the next price movement.
According to Crypto Analyst Ali Martinez, at the time of analysis, Ethereum is trading at approximately $2,258.47. This price places a substantial portion of ETH holders “out of the money,” meaning they are currently holding at a loss compared to their purchase price. The distribution of ETH holdings is crucial in determining whether Ethereum can breach the $2,460 resistance or face a pullback.
The breakdown of Ethereum’s market positioning shows that 93.96 million ETH, representing 65.64% of the total supply, is currently out of the money. Meanwhile, 42.56 million ETH (29.73%) remains in the money, meaning these holders are in profit at current prices. The remaining 6.64 million ETH (4.64%) is classified as at the money, meaning it was purchased close to Ethereum’s current trading price.
$2,460 Level: Ethereum’s Market Impact
The $2,460 price point holds immense importance because of the number of ETH acquired at this level. When many investors are holding at a loss near a critical resistance, they may choose to sell as the price approaches their break-even point. This creates selling pressure, making it difficult for Ethereum to push higher without significant bullish demand.
If Ethereum successfully breaks through the $2,460 resistance, it could trigger renewed investor confidence and increase buying activity. This would validate the bullish outlook for ETH and potentially set the stage for higher price levels in the coming weeks.
On-chain data reveals a strong division between profitable and unprofitable holders, making Ethereum’s price movements highly sensitive to key resistance and support levels. A sustained rally above $2,460 would require increased trading volume and strong accumulation by bullish investors.
In the event of rejection at this level, Ethereum could experience a temporary pullback as short-term traders capitalize on profits or cut losses. However, if Ethereum consolidates and builds support near this price, it may eventually gather the momentum needed for a breakout.
The struggle at $2,460 extends beyond just Ethereum. The second-largest cryptocurrency by market capitalization serves as a bellwether for broader market sentiment. A successful breach of this resistance could trigger a ripple effect across the crypto market, potentially influencing other altcoins and overall investor confidence.
Additionally, Ethereum’s upcoming developments, such as the continued rollout of Ethereum 2.0 upgrades and institutional adoption, play a critical role in long-term price trajectory. If bullish fundamentals align with favorable market conditions, Ethereum may be positioned for an extended uptrend beyond its current resistance levels.
Source: https://blockchainreporter.net/ethereum-faces-key-2460-resistance-for-bullish-breakout/