Ethereum is stuck. The second-largest crypto has been grinding higher inside a rising channel since February, but it keeps hitting a wall around $2,420. That level, about 6% below the channel's upper boundary near $2,520, has rejected every attempt to break through — and on Thursday, ETH slipped again. At the time of writing, it's trading at $2,284, down 1.9% in the past 24 hours.
Resistance at $2,420
The $2,420 zone has become the line in the sand. Analyst Ardi notes that the real test is whether Ethereum can push past that level and turn it into support. Until then, the rally remains unconvincing. A clean breakout above $2,420 would be a confirmation move, potentially opening the path toward $2,520. But with each failed attempt, the bears gain a little more confidence.
Adding to the caution: the 200-day exponential moving average still sits above the current price. That means the broader recovery is incomplete — ETH hasn't reclaimed the long-term trendline that traders watch as a baseline for a healthy uptrend.
Bitcoin takes the lead
Bitcoin, meanwhile, has done what Ethereum hasn't. BTC reached the upper side of its own channel and printed a higher high around $81,000, a clear signal that it's leading this market move more cleanly. The divergence matters because altcoins often follow Bitcoin's momentum, but ETH's inability to keep pace raises questions about conviction in the broader rally.
The timing isn't great for Ethereum bulls. Price action is stuck at a level that's now been tested multiple times, and each retest risks exhausting buying pressure. If ETH can't break through soon, the channel could roll over into a range or worse.
What to watch
All eyes are on $2,420. If ETH manages to close above that level on decent volume, the next leg up to $2,520 becomes the target. If it gets rejected again, the $2,284 area — where it's trading now — could become a pivot point. A drop below the channel's lower boundary would change the story entirely.
For now, the market is waiting for Ethereum to show it can do what Bitcoin already has. The next few days should tell.
