Ethereum Nears Critical Breakout as $2.4K Wall Tightens
Ethereum still trades below its 200-day EMA near $2,572 and its 200-day moving average around $2,620. Traders often use those levels to measure broader market direction. Trading activity has also remained relatively moderate compared with the sharp liquidation seen during Februarys selloff. That suggests many investors still wait for clearer confirmation before making larger moves. Ethereums rising support trendline remains a key short-term level for traders. If buyers continue holding that support, ETH could make another attempt to break above resistance near $2,380. However, a move below the ascending structure could weaken the recent recovery and expose Ethereum to another pullback. Binance Flows and ETF Data Raise Caution Crypto analyst BorisD said recent Binance inflows suggest some traders may be selling into rallies rather than building long-term positions. He noted that Binance reserves increased from 3.360 million ETH on May 5 to 3.840 million ETH by May 10. However, Ethereum still failed to maintain a stronger breakout during that period. BorisD said the inflows likely reflected traders using short-term price rebounds to reduce exposure. He added that Ethereum could still see temporary upside moves, although broader downside risks remain in place for now. Meanwhile, Sosovalue data shows investors withdrew $5.65 million from U.S. spot Ethereum