![Ethereum Holds Critical Support But Faces Uncertainty at Resistance, Analyst Says ETH Could Go As Low As This Level Before Halving](https://captainaltcoin.com/wp-content/uploads/2023/12/image-18.png)
Ethereum appears to have been building upside momentum this past week based on improving technical factors and on-chain activity. However, the native ETH asset now approaches crucial resistance levels that could determine trend sustainability, according to expert analysis.
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Fundamentals Strengthening
Industry data provider Santiment notes positive signals as Ethereum climbs back above the $2,300 threshold:
“Ethereum has returned to a $2,345 value for the first time since its fall began on January 22nd. The network is encouragingly rising in active addresses and network growth.”
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-880-1024x667.png)
This aligns with the analysis from trader Moustache:
“Isn’t it remarkable how similar the [current ETH] structures are? Imagine what will happen with our altcoins.”
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-879-1024x524.png)
The technical posture mirrors previous constructive accumulation periods that preceded sustained bull runs.
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Show more +Resistance Looms
However, fellow analyst CryptoMojo points out a crucial technical zone around $2,400 that bulls must conquer to validate upside conviction:
“Ethereum is facing the 2370$ to 2400$ range and the lower trendline of this channel is a strong resistance…In case of bullish momentum. But in case the bear pressure in the market remains the same then it’s likely to see a reject in Ethereum towards the lower support level.”
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-881-1024x474.png)
So in essence, while optimism returns given improving adoption metrics and historical chart patterns, Ethereum must still overcome pivotal near-term barriers.
Sustaining above $2,400 resistance would add credence to 2024, continuing the elongated cycles that propel outsized ETH upside. But failure to breakout could lead to retests of underlying support levels near $2,100. ETH’s response to resistance will prove telling over coming weeks.
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