Ethereum (ETH) price prediction: After a 50% rally, ETH is holding its ground, consolidating between $2400 and $2600.

IntoTheBlock's data shows that the major cluster of "out-of-the-money" investors bought ETH in the $2,357-$2,556 price range.

After a 51% rally between May 8 and 13, Ethereum (ETH) price has been holding its ground, consolidating between $2,400 and $2,600.

Indicators, both technical and blockchain, reveal that $2,460, or roughly $2,500, is the key resistance level which ETH needs to overcome to push toward the $3,000 psychological level.

The recent crypto market crash has caused ETH’s price to tumble below the aforementioned key level. Currently, Ethereum trades at $2,392 and shows weakness. Other altcoins, however, are showing strength, recovering losses witnessed on late Sunday and early Asian session today.

Key Ethereum (ETH) Price Level to Watch

IntoTheBlock’s data shows that the major cluster of “out-of-the-money” investors bought ETH in the $2,357-$2,556 price range. Here, roughly 7.4 million addresses scooped up nearly 70 million ETH at an average price of $2,462. These cohorts hold $17.22 billion worth of Ether.

Even if 25% of these holders get cold feed and decide to sell their holdings at a rough breakeven price of $2,462, it would lead to $4.3 billion in selling pressure. This would easily catalyze a massive Ethereum price drop.

Even beyond the aforementioned zone, there are more clusters of “underwater” investors that could also play a pivotal role in dampening the Ethereum price move. However, considering that Bitcoin (BTC) is close to ATHs, altcoins are expected to rally to their 2025 highs or old highs, the chances of these investors looking at sell at breakeven are less.

Regardless, here are some key breakeven levels for ETH beyond $2,462.

Ethereum (ETH) Technical Analysis

From a technical analysis standpoint, Ethereum (ETH) holders are booking profits after an explosive rally in the past two weeks. This sudden expansion attracts many short-term investors to exit the markets, adding overhead pressure. Hence, ETH is currently consolidating. A steep correction is not out of the question due to the overbought condition of the markets displayed by the RSI.

The weekly breaker, extending from $1,872 to $2,069 is the key buy zone, where investors can expect significant spike in demand. As a result, the expectataion of a lower high for Ethereum (ETH) around $2,000 is a great place to open long positions.

Assuming Ethereum price dips down to $2,000, the first resistance zone psychological level during its recovery would stretch from $2,700 to $2,400. This zone also encapsulates the majority of the underwater ETH as noted above.

To conclude, Ethereum’s price prediction looks bullish, but investors should expect a correction and a higher low production around $2,000. A buy-the-dip mental around this level will push ETH to $2,400 to $2,700 range, which is critical and needs to be breached for ETH price to revisit $3,000. From a blockchain data perspecetive, GIOM shows the critical hurdle to overcome will be $2,462, where roughly $17.22 billion worth of Ethereum (ETH) remains underwater.

While overcoming $2,462 might open the past for ETH to revisit $3,000, there are multiple hurdles that could post problem for Ethereum price to reach to 2024 highs $4,000 or higher.

Frequently Asked Questions (FAQs)

1. What is the current outlook for Ethereum's price?

2. What is the key hurdle for Ethereum to overcome?

3. What happens if Ethereum overcomes $2,462?