Ethereum has tested resistance at $2,400 five times over the past month but failed to break through each time.

Cointelegraph, a blockchain media outlet, reported on May 11 that inflows into spot Ethereum exchange-traded funds have totaled just $500 million since March and that buying sentiment has weakened as Ethereum holdings on Binance rose by about 400,000 ETH.

The key is the gap in spot demand. Over the same period, spot Bitcoin ETFs saw about $4.5 billion in net inflows, pushing bitcoin above $82,000. Spot Ethereum ETFs, by contrast, drew only $500 million over the same period. A lack of spot demand is cited as the reason Ethereum has repeatedly tested the same resistance zone without breaking through.

The futures market also failed to support a move above resistance. Crypto analyst Darkfost pointed out that open interest rose by $4.5 billion as Ethereum rebounded 33% from its February low of $1,736. That indicates traders increased positions aggressively during the price rebound. Binance’s estimated leverage ratio rose to 0.76 on March 16, marking a high level this year.

But momentum faded near the resistance line. Binance’s estimated leverage ratio fell to 0.57 on Sunday. That was because long positions taken in anticipation of a break above $2,400 were unwound as Ethereum slid below $2,350. Lower leverage also reduces the chance that sharp liquidations amplify price gains.

Spot-side selling pressure also increased. Market analyst Ray said Binance’s Ethereum reserves rose to 3.8 million ETH from 3.4 million ETH in May. Over the same period, total Ethereum inflows into Binance jumped to 771,689 ETH on Sunday. That was the highest level since 1.1 million ETH flowed in on Feb. 6.

Those amounts came in as Ethereum traded around $2,330 and continued to move in a range between $2,250 and $2,400 since April 14. Ray said large inflows into exchanges could coincide with building new positions or preparing to take profits during a rebound. As more supply sits on exchanges, the amount that buying must absorb near $2,400 also rises.

The near-term focus is whether Ethereum can turn $2,400 from resistance into support. For now, additional demand via spot ETFs is not gaining strongly, and exchange-side supply is not declining. If that continues, Ethereum is likely to face renewed resistance around $2,400 in the short term.

This move shows results not only from price resistance, but from the interplay of spot ETF inflows, futures leverage and exchange supply. It has become clearer that Ethereum’s short-term direction depends less on the $2,400 breakout itself than on how much spot demand actually follows through.

️ ETH Derivatives activity cools down ahead of potential breakout Ethereum has now been trading in a range between $2,250 and $2,450 for nearly a month. This consolidation comes right after a ~33% rally from the February low. During this move, Ethereum’s open interest… pic.twitter.com/JxmAXiE7F3