Can Bulls Defend the $2,400 Support Zone?

The recent selloff in the broader crypto market has left Ethereum struggling to hold above its key support zones, with bulls attempting to stabilize after a sharp pullback. The asset’s trajectory remains under pressure as technical indicators show a mix of short-term relief and broader weakness.

Ethereum price today is hovering near $2,450, down over 3% on the weekly chart, and showing limited recovery after a volatile breakdown. The ongoing tug-of-war between buyers and sellers has brought heightened uncertainty and sparked renewed interest in why Ethereum price going down today despite a strong start to the quarter.

What’s Happening With Ethereum’s Price?

ETH price dynamics (Source:TradingView)

Ethereum saw a significant rejection near the $2,745 level earlier this week, which corresponds with the 0.5 Fibonacci retracement of the broader move from the $1,385 low to the $4,105 peak. The failure to break through this midpoint resulted in a cascading drop, bringing price action back into the $2,420–$2,450 demand zone. This region coincides with the 0.382 Fibonacci level on the weekly chart and is acting as the immediate support for the current correction.

ETH price dynamics (Source:TradingView)

On the 4-hour timeframe, Ethereum broke below its ascending trendline that had supported its May recovery. The breakdown below $2,520 and subsequent close beneath the 20- and 50-EMAs signaled the start of a short-term bearish shift. Although there was a minor bounce from the $2,430 region, the upside remains limited unless the asset reclaims the $2,540–$2,555 resistance band.

Momentum Indicators Reflect Short-Term Caution

ETH price dynamics (Source:TradingView)

Relative Strength Index (RSI) on the lower timeframes is attempting to recover from oversold territory, currently sitting around 43. However, it still lacks bullish momentum and remains below the 50-neutral mark. This suggests that while a relief bounce may continue in the near term, overall Ethereum price action remains vulnerable.

Meanwhile, the MACD histogram has flipped green on the 30-minute chart, indicating a fresh bullish crossover. This early signal hints at a potential continuation of the current bounce, but with weak volume and no decisive breakout above the EMAs, the move lacks conviction.

ETH price dynamics (Source:TradingView)

The Stochastic RSI, however, has already reached overbought levels again, raising the likelihood of another pullback unless Ethereum can sustain a breakout above $2,560. Price is also still trading under the Ichimoku Cloud, with the cloud acting as dynamic resistance near the $2,515–$2,520 zone. Unless Ethereum breaks through and closes above this structure, upside momentum will likely remain capped.

EMA Compression and Bollinger Bands Signaling Volatility

ETH price dynamics (Source:TradingView)

From a broader technical standpoint, Ethereum remains trapped between its 100- and 200-EMA levels. The 200 EMA, currently near $2,424, is acting as a make-or-break line for short-term trend control. A close below this level could extend losses toward the $2,275 and $2,027 Fibonacci supports.

Bollinger Bands on the 4-hour chart are beginning to expand again, reflecting a rise in Ethereum price volatility. The price recently touched the lower band before rebounding, but the lack of follow-through above the median line suggests sellers are still active.

Near-Term Ethereum Price Outlook

ETH price dynamics (Source:TradingView)

The next 24–48 hours will be pivotal for Ethereum. A successful close above $2,540 would open the door toward $2,600–$2,655, where a cluster of supply and trendline resistance sits. However, failure to reclaim this range may keep the asset range-bound or push it lower into deeper support zones.

The weekly structure is particularly critical. If Ethereum manages to hold above the $2,424 level into the weekend, it may offer a foundation for a more sustainable recovery. If not, the asset risks a slide toward $2,275 or even $2,027, both of which represent historically significant accumulation zones from earlier this year.

Ethereum Price Forecast Table

The broader outlook for Ethereum price remains cautiously bearish unless bulls reclaim the $2,540 resistance band with strong volume. The short-term indicators suggest a potential relief rally, but unless follow-through strength emerges above the cloud and key EMAs, the pressure will remain on the downside. Keep an eye on daily closes around $2,424, as it remains the immediate battleground for Ethereum price action into the June 7 session.