Ethereum Price Prediction: Resistance at $2400 Amid $32M Liquidations

Key Insights:

• Analysts deem the $2,400 level extremely crucial for the Ethereum price.
• The Ethereum price prediction points to major resistance around $2,350-$2,500 due to heavy sell orders in that zone.
• However, Ethereum ETF inflows made a comeback despite the recent price consolidation.

In the short term, Ethereum (ETH) price action shows stagnation below a major resistance area at $2,400. Therefore, analysts have provided various Ethereum price forecasting stories indicating a decisive step forward.

Ethereum Liquidations Data & Whale Accumulation

In the last 24 hours, the Ethereum market saw approximately $33 million in liquidations. Interestingly, short positions totaled $25.93 million, compared with long liquidations of $7 million, according to figures from CoinGlass. This skew suggests a short squeeze amid current Ethereum price prediction models.

Ethereum Liquidations Data | Source: CoinGlass

Meanwhile, the whale congestion has given a bullish overture. According to crypto analyst Ali Martinez, Ethereum whales have been on a buying spree, amassing over 140,000 ETH in the last four days. This stash is worth about $322 million.

Such massive accumulation often indicates confidence among large holders. Moreover, as the Ethereum price prediction outlook gains attraction, it’s important to note that Ether ETFs recorded a resurgence in inflows

Per Farside Investors data, Ethereum ETFs reported a total net inflow of 101.2 million on May 1. This influx reversed massive outflows earlier in the week.

BlackRock’s ETHA snapped up $43.2 million in inflows, with Fidelity FETH following the lead with a $49.4 million influx. Meanwhile, other Ethereum ETFs received little or no flow.

Ethereum Price Prediction: Analysts Flash Major Resistance Zones

Technically, the chart posted by analyst Ted Pillows spotlights a lengthy period of consolidation. Ethereum price remains below a strong resistance band around $2,400, while it maintains support between $2,150 and $ 2,200.

Ethereum Price Analysis | Source: Ted Pillows, X

In his Ethereum price prediction, he said, “ETH is still going sideways. Until the $2,400 level is reclaimed, Ethereum will continue to show weakness.”

He further warned, “If the $2,150-$2,200 support zone is lost, ETH could drop below the $2,000 level.” This range-bound structure continues to affect the ETH price in the short term.

ETH Price Analysis | Source: Michaël van de Poppe, X

In the meantime, Michaël van de Poppe’s analysis pits Ethereum’s performance in comparison to that of Bitcoin. He said, “If it clearly breaks 0.032 $BTC, that’s where the party starts and when we can expect to have a lot of fun.” Nonetheless, he warned that unless it breaks this level, “ETH would have to wait for its run to take place.”

Ethereum Order Book Data | Source: Ted Pillows, X

As of now, the Ethereum price is still in a tight range between key levels. In addition, it faces resistance in the $2,350-$2,500 range. Pillows highlighted that this area has huge sell orders for ETH, according to the order book.

Hence, even if the ETH price reclaims this zone, it could still face rejection due to selling pressure. However, popular crypto personalities like Tom Lee have doubled down on high-end Ethereum price prediction targets of $250,000 despite the short-term consolidation.

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