Ethereum (ETH) holds above $2400, with key resistance at $2500 in focus, and accumulation patterns suggest a market turning point is imminent?

Gate news, Ethereum (ETH) has stabilized above $2400 after several days of intense fluctuation and uncertainty. Although there are still significant swings during the day, the price has shown signs of stability, reflecting an increasing struggle between bullish momentum and cautious sentiment. Analysts generally expect the market to soon make a directional choice, with some views predicting a price breakout upwards, while another faction warns that if the key demand zone is lost, a pullback may occur.

Long and short struggle, key support becomes the focus

On one hand, ETH is showing strength, successfully holding its short-term support range, indicating that buyers are entering with confidence. Especially against the backdrop of a recovering macro sentiment around risk assets, bullish momentum seems to be building. On the other hand, bearish views point to weak trading volume and persistent macro economic risks; if Ethereum cannot maintain its current level, this could trigger a deeper pullback.

Long-term holders actively accumulate, supporting a solid foundation

What supports the bullish perspective is the latest data from CryptoQuant. The data shows that long-term ETH holders are exhibiting a strong accumulation pattern. It indicates that during the recent consolidation phase, there has been significant buying pressure, and holders (Hodlers) are steadily increasing their positions. This divergence between the price movement and the accumulation behavior suggests that even as traders await the next major move, Ethereum's fundamental support remains solid.

Competing for the $2500 resistance, range oscillation awaits breakthrough

Ethereum is currently striving to regain the $2500 mark. However, in the face of ongoing market uncertainty, its ability to maintain stability showcases intrinsic resilience. For weeks, ETH has been trading within a clear range ($2200 - $2800), with neither bulls nor bears able to gain decisive control. This prolonged consolidation has delayed the market's long-awaited "altcoin season", with many believing that the altcoin season will only truly commence when Ethereum successfully breaks through key resistance and enters higher price levels.

The macro environment is complex, ETH shows relative strength

Although the direction is unclear, the macroeconomic environment is becoming increasingly delicate. Global markets remain volatile, with ever-changing interest rate expectations, geopolitical risks, and unpredictable liquidity conditions sending mixed signals to various risk assets. However, Ethereum continues to perform strongly, supported not only by its technical structure but also by significant long-term holder activity.

CryptoQuant's insight report indicates that a strong accumulation pattern has been detected among Ethereum holders. During the turbulent period in June, long-term investors continued to increase their positions, even as prices fluctuated. This divergence between price and accumulation volume suggests that confidence is strengthening beneath the surface of the market. When prices consolidate while demand accumulates, the outcome is often explosive.

Technical Analysis: Key Moving Averages Converging, Decision Approaching

As of the time of writing, the current trading price of Ethereum is approximately $2470, failing to hold the $2500 level that was briefly broken during the session. The 12-hour chart shows that ETH is consolidating within a broader range, with $2200 providing strong support and $2800 being a key resistance. Despite multiple attempts by the bulls, Ethereum still struggles to reclaim higher ground, and the resistance near the 100-period SMA (Simple Moving Average, currently at $2537, marked by the green line in the chart) indicates persistent selling pressure near the resistance level.

The current price is above the 200 SMA ($2170) but slightly below the 50 SMA ($2507) — the latter constitutes short-term resistance. The close convergence of these key moving averages indicates that ETH is at a turning point: either break through $2500 and push towards $2600 or higher, or face the risk of a pullback if the bulls cannot maintain momentum.

The trading volume is relatively flat, indicating a market of indecision. The overall structure still leans towards neutral to bullish, especially if the price can remain above the 200 SMA. However, if it breaks below $2400, the risk of a pullback to the $2200 support zone will significantly increase.

Conclusion: Wait for the breakthrough, ETH is poised to rise

Overall, ETH has successfully maintained key support levels, while long-term accumulation activity continues to heat up. The market landscape may be preparing for a significant shift. If Ethereum can successfully break through and stabilize above $2500, reclaiming lost ground, it could very well be the catalyst for a broader altcoin rally. Until then, the market remains in a state of "silent accumulation." Major changes are on the horizon— and Ethereum (ETH) is at the heart of this transformation.

Disclaimer: The above content does not constitute investment advice, please be cautious of risks.