Ethereum Rejected Four Times at $2,400 as $2,150 Support Comes Into Focus

Ethereum is facing near-term downside pressure after failing to break above a key resistance area, Cointelegraph reported on April 27.

The token was turned back four times near $2,400 and fell about 3.4% to around $2,287. It is now trading below its 100-day moving average, limiting attempts to move higher.

Recent price action has formed what technical analysts describe as a triple-top pattern. Repeated selling has capped gains around $2,400, while the 100-day exponential moving average near $2,350 is also acting as a major resistance level.

The key near-term support stands at $2,150. The area previously served as resistance, making any shift into support a key test for the market. Below that level, about $2.5 billion in long liquidations is concentrated. A break lower could open the way for a further drop toward $2,050 to $1,900.

Michaël van de Poppe, founder of MN Capital, said Ethereum was weakening against Bitcoin. The ETH/BTC ratio fell below 0.032 BTC, breaking a key support level and slipping under short-term moving averages. On higher time frames, the next support zone is near 0.026 BTC.

Bearish signals are also emerging in derivatives markets. Ethereum open interest on Binance fell to about $2.58 billion, indicating a reduction in leveraged positions. The funding rate also dropped to about -0.013%, pointing to continued dominance by short positions.

CryptoQuant contributor Amr Taha described the current market structure as a low-leverage environment dominated by shorts. If prices hold around current levels, the positioning imbalance could unwind and trigger a short-term rebound.

The market is watching the $2,150 area as a key dividing line. Defending that support could keep the door open for a rebound, while a break below it may lead to broader downside volatility.