Ethereum Price Struggles at $2,380 Resistance Zone

Ethereum's price is currently trading near the critical resistance zone of $2,375 to $2,380, which could decide whether the cryptocurrency extends towards $2,550 and $3,000 or retracts towards lower support levels.

The UTXO Realized Price Distribution shows that major supply zones are located at $2,772 and $2,921, indicating potential areas of resistance if Ethereum clears these levels.

Whale wallets have accumulated over $300 million in ETH recently, which may add to the bullish momentum. However, analysts emphasize that a confirmed daily close above $2,375 to $2,380 is necessary to secure this breakout and reach the next targets.