Ethereum’s price is looking to break past the $2,400 level, which has limited its growth for the last week.
Summary
- Ethereum price is testing the $2,400 resistance after rebounding to $2,393, with repeated rejections keeping its price within a tight range.
- Technical indicators signal potential upside, with a looming MACD bullish crossover and Supertrend remaining in an uptrend since mid-March.
- ETF inflows ($101M) and declining exchange reserves (14.5M ETH, lowest since 2016) point to improving demand and reduced sell pressure.
Ethereum’s price rose 3.5% to $2,393 on May 4, according to crypto.news, but struggled to stay above $2,400, ultimately settling around $2,370. Although the cryptocurrency has briefly surpassed $2,400 twice in the last month, it hasn’t been able to maintain that level and quickly fell back down.
As of today, a few technical and fundamental indicators suggest the token might finally break out of its recent limited price fluctuations.
Looking at the daily price chart, Ethereum is nearing a point where its MACD indicator is about to cross upwards, a pattern often suggesting the price will soon increase. The last time this happened, Ethereum’s price jumped almost 25% in a month.
Since mid-March, the Supertrend indicator has been consistently green, suggesting the overall market is still trending upwards, even with some recent price changes.
As of today, Ethereum’s price is around $2,381, which is a key technical level suggesting strong buying support. If the price rises past its current resistance, it could quickly climb to $2,772, with $2,400 being a likely stepping stone, assuming the upward trend continues.
Positive technical indicators are being reinforced by growing demand on the Ethereum blockchain. According to SoSoValue, Ethereum ETFs saw over $100 million in net inflows last Friday, reversing four consecutive days of outflows totaling $183 million. This suggests a potential price increase.
This doesn’t necessarily mean large investors are jumping in fully right away, but it does suggest a growing interest in the asset, particularly if the current positive trend continues this week.
A decrease in the amount of Ether held on cryptocurrency exchanges could also help Ethereum’s price increase. According to data from CryptoQuant, exchange reserves have dropped to 14.5 million ETH – the lowest level seen since mid-2016 – suggesting that fewer people are selling their tokens.
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2026-05-04 11:22