Ethereum is trading around $2,390, down 3% to 6% over the past week as the bounce above $2,400 loses momentum. Spot Ethereum ETFs logged inflows for 12 consecutive sessions before turning red yesterday, despite heavy outflows from Bitcoin ETFs, a gap normally seen as bullish for ETH. Bybit notes consolidation at high levels with increased downward pressure from deleveraging and liquidity spillover. The $2,400 level is the key support, with next supports at $2,290, $2,210 and $2,160, while major resistance sits at $2,550. With a market cap of $290 billion, ETH’s ability to hold $2,400 will determine near-term market direction.
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