Ethereum Eyes $2,400 After Reclaiming $2K

• Ethereum bounced back from a decline that pushed it into the $1,800 demand zone and regained the $2,000 support never too long ago. 
• Analyst Ted points out that $2,150 acts as the key control level; A close above $2,150 may create a move to $2,400. 
• Funding rates have moved back to positive levels, presenting evidence that all aggressive short positions have been fully liquidated.

The Ethereum price has recovered and moved back above the $2,000 threshold, so speculation has emerged about whether or not it can push up to $2,400. ETH dropped sharply over the past month and hit the low of the $1,800 demand zone before buyers moved in. 

As of writing, ETH is trading for $2,015.97 and has seen a 4.79% increase in the last 7 days.

With 24-hour trading volume at roughly $29.5 billion, the question traders are asking is whether this reclaim has enough momentum to sustain further gains.

Reclaiming $2,000 Raises the Stakes for Ethereum

The $2,000 level is not simply a round number for Ethereum. It serves as a structural pivot on the daily timeframe after weeks of sustained selling pressure. 

Price dropped out of the $2,800-$3,000 distribution zone before establishing a floor around the $1,800 demand zone.

The $1,800 region corresponded with a high-volume accumulation range from mid-2024.

Sellers seemed to have exhausted their momentum at this point, giving way to buyers to absorb the selling pressure.

Breaking back above $2,000 now marks ETH as leaving the downside expansion phase and entering a stabilization phase.

However, analysts are quick to point out that this is not a confirmed reversal. The market is still in a recovery phase, and the first step to any form of bullish development is to hold $2,000.

$2,150 Holds the Answer to the $2,400 Question

Analyst Ted addressed the path forward directly on social media, stating that $2,150 is the next crucial resistance level. 

He noted that a reclaim of that zone would set up a rally toward the $2,400 target. That single level now carries significant weight in determining Ethereum’s near-term trajectory.

The $2,150 zone marks the lower boundary of the prior breakdown area. It also coincides with trapped long positions that create natural overhead supply. 

A clean daily close above $2,150 on strong volume would signal that buyers have absorbed that supply convincingly.

Such a move would also represent a short-term market structure shift, forming a higher high on lower timeframes. That outcome would likely trigger short covering and pull in fresh momentum capital. 

Without that close, ETH may continue consolidating between $2,000 and $2,150 without a decisive move either way.

Funding Rate Data Adds Context to the Recovery

Analyst PelinayPA drew attention to Ethereum’s funding rate data as part of the broader picture. 

During the recent selloff, funding rates turned sharply negative, pointing to heavy short positioning across derivatives markets. Price fell alongside that shift, confirming bearish leverage was in control.

Funding rates have since returned to positive territory, which suggests that short positions have been largely cleared. 

According to PelinayPA, this creates room for short-term price stabilization or a relief bounce. Binance data carries particular importance here, given the exchange’s dominance in global derivatives volume.

However, positive funding alone does not confirm a new uptrend is underway. If funding becomes excessively positive, the risk shifts toward a long squeeze rather than continued gains. Moderate and stable positive funding is what analysts say is needed to support a sustained move higher.

A Path to $2,400 Exists, But Risks Remain

The potential route from current levels to $2,400 follows a recognizable pattern. Analysts describe it as a breakdown-reclaim-rotation setup, moving from $2,000 to $2,150 and then toward $2,400. That structure frequently appears during early-stage reversals in large-cap assets.

The $2,400 level previously acted as a distribution shelf before the breakdown began. It also served as a liquidity magnet and mid-range equilibrium zone during earlier consolidation. 

Re-engaging that level would represent a meaningful shift in Ethereum’s broader market posture.

That said, the downside scenario carries equal weight. A loss of $2,000 would immediately put $1,800 back in focus, with $1,650–$1,700 as the deeper support pocket below. 

Analysts also note that the $2,500 resistance must eventually break before a full bullish trend reversal can be argued with confidence. 

Whether a surge to $2,400 is inevitable remains an open question — and $2,150 is where that answer begins to take shape.