CryptoPotato: ETH faces critical test at $2,400 resistance

Whether Ethereum (ETH) can sustain its recent rally depends on a decisive breakout above the $2,400 resistance level, according to an analysis by CryptoPotato. The outlet noted that on the daily chart, ETH is trading near $2,300 and has tested the $2,400 resistance four times over the past six weeks. This key resistance area represents a convergence of the upper trendline of a descending channel and the 100-day moving average (MA). CryptoPotato added that if a daily candle closes above $2,400, the next price target could be $2,800. However, a failure to break out could see the price fall back to the $1,800 level.