Ethereum ($ETH) market is moving toward a critical resistance level. As per the data from the well-known crypto analyst Ali, Ethereum witnesses a noteworthy resistance level at the $2,460 mark amid the prevailing selling pressure. The crypto analyst took to social media to discuss Ethereum’s movement toward $2,460 as a notable resistance level.
Ethereum Witnesses $2,460 as Key Resistance Level
In line with Ali’s analytics, the Ethereum investors are potentially showing reluctance in market participation at lofty price levels. Hence, the market is going through an enormous selling pressure. Simultaneously, the crypto token is also witnessing a noteworthy resistance level. In this respect, the $2,464 mark plays the role of a key resistance level. Based on the current market scenario, Ali has highlighted the need for Ethereum ($ETH) to reclaim the respective price level.
Failure to Reclaim Resistance Level Could Mount Selling Pressure
On the other hand, if $ETH fails to return to $2,460, the market could see a worse scenario. As a result of this a potential failure to reclaim this point, the selling pressure could escalate to further levels. At the moment, up to 11.64M Ethereum addresses reportedly hold 68.35M $ETH coins at $2,464 as an average price.
Effective Breakout above $2,460 Could Increase Investor Confidence
According to Ali, if Ethereum successfully breaks above the $2,640 mark and maintains the level, it could boost investor confidence. Additionally, this development will also minimize selling pressure to a great extent. Keeping this in view, $2,460 stands as an important resistance point to be reclaimed by $ETH. Hence, the market onlookers keep closely looking for the potential signals of an $ETH breakout or further downtrend in the near term.
