Ethereum (ETH) has maintained a strong defense of the $2,400 level over the past week, bouncing back repeatedly despite macroeconomic pressures. The sub-$2,400 region has acted as a key support, with buyers stepping in to prevent further declines. This level aligns with Ethereum's on-chain cost basis at $2,311, a critical threshold where average holders would start incurring losses. Historically, investors have defended this level during periods of weak momentum, as seen in the past week.
The support near $2,400 is reinforced by technical indicators, including the 100-day Exponential Moving Average (EMA) at $2,362 and a horizontal support level at $2,355. Despite several attempts to push below these levels, Ethereum has failed to close beneath them. A sustained break below could target the next support at $2,204. On the upside, the 20- and 50-day EMAs at $2,500 and $2,482 are capping bounce attempts, with resistance at $2,548 and $2,781.
Market sentiment remains cautious, with US spot ETH ETFs recording $103.2 million in net outflows on Monday, marking the 14th negative day in the last 15 trading sessions. Ethereum futures liquidations have also been significant, totaling $100.4 million over the past 24 hours, led by $64.7 million in short liquidations. However, momentum indicators like the 14-day Relative Strength Index (RSI) and Stochastic Oscillator suggest fading bearish dominance, with upward movement but still below neutral levels.