Ethereum Price Prediction: ETH Tests $2,400 Resistance as On-Chain Activity Climbs

Ethereum price prediction discussions gained momentum after ETH approached the $2,400 resistance level while several on-chain metrics showed steady growth. charts shared alongside on-chain data indicated rising active addresses and market capitalization, even as transaction counts declined during the same period.

A tweet accompanying a chart stated that Ethereum was “trying to break above the $2,400 level” and noted that a breakout could push ETH toward the $2,500 to $2,600 range. The chart presented a broader technical setup, with Ethereum trading near descending resistance after recovering from lows recorded earlier this year.

Ethereum Approaches Key Resistance Zone

Ethereum was seen trading close to $2,391 on both the daily and four-hour charts. The movement indicated that the price had been recording higher lows while putting pressure on the resistance level at $2,400. The resistance level is commonly watched by analysts as it coincides with previous rejected levels and a descending trend line on the daily chart.

ETH was also seen trading above the nine-day EMA on the daily chart. The pattern indicated an improved momentum after Ethereum moved away from its support level at $1,750 earlier in the year. The resistance trend line was drawn through various lower lows recorded since late 2025.

The 4-hour chart shows that Ethereum formed an ascending formation, with its support at the $2,200 range. The buyers kept defending the pullbacks above that level as the price stayed compressed under the resistance. Relative Strength Index values remained above 60 during the same period in both charts, showing consistent buying pressure without getting too overbought.

The tweet that came with the attached chart was focused on the potential breakout above the $2,400 resistance. This breakout is generally interpreted as buyers’ liquidity taking over at those levels of resistance. In the case of a breakout above the mentioned trendline, the following targets could be $2,500 and $2,600 resistance levels.

Glassnode Data Shows Market Cap Growth

Ethereum’s market capitalization was also illustrated on accompanying Glassnode charts and was noted to be growing during the analysis period. ETH market cap went from around $286 billion to more than $300 billion while price remained relatively unchanged in the $2,300 region.

It appeared that money continued flowing into the Ethereum market despite consolidation trends. It is common for market capitalization to grow during sideways price action due to consistent accumulation before any substantial moves.

ETH price also stayed relatively flat during the increase in market capitalization. The comparison between ETH price and market cap in the Glassnode chart showed a gradual price rise while valuation increased at a slightly faster rate.

Market participants typically track market capitalization along with price since any divergence may point to shifts in market participation. In the current case, both figures were growing but with market capitalization outpacing spot price gains.

Active Addresses Rise While Transactions Decline

Glassnode also indicated a notable rise in Ethereum’s active addresses. The number of active addresses grew from around 280,000 to above 550,000 during the mentioned time. The growth might have signified a higher level of network participation, since ETH was approaching its resistance zone.

The concept of active addresses refers to a metric that reflects network activity through measuring the amount of wallets that take actions. The rise in active addresses could show an increase in user participation.

However, Ethereum’s transaction count fell at the same time. According to Glassnode’s charts, Ethereum’s transaction count fell from around 3.6 million to 2 million during the same period. Thus, the combination of rising active addresses with falling transaction counts resulted in an ambiguous scenario.

A fall in transactions does not necessarily mean a decrease in Ethereum’s activity. In the current Ethereum ecosystem, some transactional activity is transferred to the Ethereum layer-2 networks, namely Arbitrum, Base, and Optimism. Users tend to conduct transactions on those platforms while still interacting with Ethereum projects.

Ethereum Price Prediction Remains Focused on Breakout Confirmation

ETH forecast conversations still revolve around whether ETH can gain support above the $2,400 range. The charts kept showing the possibility of a breach of the resistance levels; however, sellers kept coming into action above that level.

The technical indicators indicated that there was a likelihood of growing momentum. Moreover, Ethereum continued making higher lows in April and May too.

Final Thoughts

Traders may continue keeping an eye on volume and price movement around the resistance level. Confirmation of a break higher beyond $2,400 could bring focus on the levels $2,500-$2,600 discussed in the tweet. From a bearish point of view, traders may keep their eyes on the support levels of $2,200 and $2,100.