Ethereum Price Stuck Below $2,550 as Buyers Struggle with Short-Term Resistance

Ethereum's price struggle continues as it trades below $2,550, despite aggressive buying from longs in derivatives markets. The cryptocurrency has made multiple attempts to break through this resistance level but has failed each time.

According to Brave New Coin data, Ethereum's price is currently trading at around $2,463, up 1.79% over the past 24 hours. The short-term picture remains mixed, with traders adding longs at current prices and open interest reaching 4.973 million on the chart.

Analyst Ted Pillows notes that aggressive long positioning could lead to increased volatility if ETH fails to break through $2,500-$2,550. A sustained move above this level could open up a recovery towards $2,650-$2,700, with potential upside targets of $3,000 and $4,000-$4,400 in the higher-timeframe chart.

Despite struggling with short-term resistance, institutional accumulation continues to grow, with BitMine purchasing another 53,501 ETH last week. This brings its total Ethereum holdings to approximately 5.9 million ETH, indicating that larger holders are still building exposure despite the lack of an immediate breakout.