BroadChain learned that at 06:00 on April 24, according to NewsBTC, Ethereum recently broke through the $2,400 resistance level, reaching a high of $2,423, with a daily trading volume of 337,000 ETH, far exceeding the 20-day average of 298,000 ETH. The RSI stands at 60.18, indicating increased upward momentum without being overbought. However, on-chain data reveals significant divergence in market participant behavior.
According to a CryptoQuant report, retail investors actively sold after the price breakout: Binance exchange inflows surged to 372,534 ETH, higher than the 7-day average of 277,709, with an SOPR of 1.0157, indicating traders are locking in profits. Meanwhile, whale groups holding between 10,000 and 100,000 ETH currently have an MVRV of -0.002139, indicating unrealized losses, leading them to hold rather than sell, reducing potential selling pressure. The realized price for super whales is $2,090.30, forming a support level below, while the key resistance level is $2,429.30, the cost basis for long-term structural accumulators.
On the technical side, after rebounding from the February low of $1,800, Ethereum faces dynamic resistance from the 100-day moving average in the $2,350-$2,400 range. The 200-day moving average remains downward-sloping, indicating that the long-term trend has not yet turned bullish. Trading volume has not continued to expand with the rebound, casting doubt on the breakout momentum. If the daily close holds above $2,400, the next resistance level is in the $2,700-$2,800 range; if it fails, the price may fall back to the $2,100-$2,200 support zone.