Ethereum ($ETH ) is showing positive momentum as buyers return to the crypto market. After facing selling pressure, $ETH has started recovering, attracting attention from traders and investors who are watching its next major resistance levels.
Ethereum Shows Strong Recovery
Ethereum recently traded around $2,420, gaining approximately 5.29% in 24 hours according to November 4 market data. This performance was stronger than Bitcoin's during the same period.
One major reason behind this move was a short squeeze that liquidated more than $136 million in bearish ETH positions. This forced buying activity helped push the price higher.
Important Price Levels to Watch
From a technical perspective, Ethereum is approaching an important resistance area.
Immediate Support: $2,350
Major Support: $2,300
Immediate Resistance: $2,440
Next Resistance: $2,480
If ETH successfully breaks above $2,440 with strong trading volume, buyers could push the price toward $2,480 and potentially higher.
However, if Ethereum falls below $2,350, the market could experience another correction toward $2,300.
What Could Happen Next?
Ethereum's recovery is encouraging, but traders should remain careful. A short squeeze can create a rapid price increase without guaranteeing long-term buying strength.
The next important factor will be whether spot market demand and institutional investment flows support this recovery.
If buying pressure continues, Ethereum could become one of the strongest performers among major cryptocurrencies.
Final Thoughts
Ethereum is showing signs of renewed strength, but the $2,440 resistance level remains important.
A confirmed breakout could bring fresh optimism to the altcoin market, while a rejection could lead to short-term consolidation.
Can Ethereum break $2,500 next, or will sellers stop the rally? Share your thoughts!
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