Ether Rally Stalls Near $2.4K Resistance

Ether's price has repeatedly failed to sustain rallies above the $2,400 level, with each attempt met by strong selling pressure. On-chain data indicates that large holders and derivatives traders are actively capping upside moves, as open interest spikes near this resistance zone. Additionally, declining network activity and reduced staking inflows suggest a lack of organic demand to absorb supply at higher prices.

Regulatory uncertainty continues to weigh on sentiment, with the SEC's stance on ETH classification remaining a key overhang. While bullish catalysts like the Dencun upgrade and potential spot ETF approvals offer long-term support, near-term momentum is insufficient to break the $2,400 ceiling.

Until either a significant catalyst emerges or selling pressure subsides, Ether is likely to consolidate below this level, with downside risks to $2,200 if support fails.

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