Ethereum is nearing a critical resistance level at $2,400, as recent price action suggests a potential breakout. The cryptocurrency has rebounded from the $2,280 to $2,300 support zone, forming higher lows that indicate growing upward pressure. Traders are closely watching the $2,355 to $2,385 range, which has previously hindered upward movement. A successful breach of this area could propel ETH towards $2,460 and beyond. In the derivatives market, Ethereum's open interest has stabilized around $30 billion, reflecting a repositioning phase rather than market exit. This suggests a healthier setup for a sustainable rally if spot demand increases. Meanwhile, spot flows have shown a neutral trend, indicating reduced selling pressure but lacking strong accumulation. The market's next move hinges on whether Ethereum can maintain momentum above $2,300 and break through the $2,400 resistance.