Ethereum Holds Ground at $2,400 as Market Shifts Toward Expansion

Ethereum ($ETH) has strengthened its market structure after buyers successfully defended the long-term ascending trendline, triggering a sharp recovery and allowing $ETH to break through initial resistance.

The price has moved between $2,357 and $2,417 over the past day, while the seven-day range stands at $2,357-$2,558. The recovery has kept broader bullish momentum intact, but recent price action suggests the market could cool after the aggressive advance.

The immediate question is whether the asset can hold its newly reclaimed support as it approaches the next supply zone. A short-term pullback toward $2,300-$2,200 remains possible, with the $2,324 0.236 Fibonacci level offering an earlier potential support area.