Ethereum Forms Triple Top as $2,400 Resistance Holds Firm

Ethereum fell 3.4% to $2,287 after failing to break the $2,400 resistance level for the fourth time since April 14, forming a clear triple top pattern on the daily chart. Each rejection showed weakening momentum, indicating sustained selling pressure at higher levels.

The price remains below the 100-day exponential moving average near $2,350, which continues to act as dynamic resistance and limits recovery attempts.

ETH Liquidation Clusters and Technical Breakdown Risk Increase

$2.5 Billion Long Exposure Builds Near Key Support

The critical support zone sits at $2,150, a level that previously acted as resistance and is now being tested as potential support. According to liquidation data, more than $2.5 billion in leveraged long positions are concentrated below this level, raising the risk of accelerated downside if it breaks.

A move below $2,150 could expose ETH to deeper support zones between $2,050 and $1,900, driven by forced liquidations.

ETH/BTC Weakness and Futures Data Confirm Bearish Tilt

Ethereum’s relative performance against Bitcoin has also weakened, with the ETH/BTC ratio falling below 0.030 BTC and slipping under its 21-period moving average.

Futures data shows Binance open interest dropping to $2.58 billion, while funding rates have turned deeply negative at -0.013%, indicating shorts dominate market positioning. Despite this, analysts suggest the imbalance could eventually trigger a volatility-driven reversal if price stabilizes near current levels.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.