Ethereum Price Action Tightens Ahead of Critical Breakout

Ethereum's price action has been closely watched by traders as it approaches a critical breakout point. According to analyst Daan Crypto Trades, the token is struggling with resistance around $2,400, which could soon lead to a decisive move after weeks of sideways trading.

The TradingView chart shared by Daan shows Ethereum's attempts to break above the $2,350 to $2,380 range being met with selling pressure. This has kept the token below its 200-day EMA and moving average, which traders often use to measure broader market direction.

While some investors are buying into rallies, others are waiting for clearer confirmation before making larger moves. Inflows on Binance suggest that some traders may be selling short-term gains rather than building long-term positions.