ETH Triple Top Rejected at $2,400, Analysts See Weakness vs BTC
ETH faces bearish pressure after a triple-top rejection around $2,400. Ether fell about 3.4% to $2,287, marking the fourth failure to reclaim $2,400 since April 14. Price remains below the 100-day EMA near $2,350, keeping rallies capped.
Key downside focus is $2,150 support. Liquidation data shows roughly $2.5B of leveraged long positions sitting below $2,150. If ETH breaks under this level, forced selling could accelerate toward $2,050–$1,900.
Analysts also flag relative weakness in ETH versus BTC. The ETH/BTC ratio dropped below 0.032 BTC and slid under the 21-period moving average, suggesting fading relative strength. A higher timeframe pivot is near 0.026 BTC, where buyers previously stepped in.
On derivatives, Binance open interest for ETH dropped to about $2.58B, consistent with a leverage reset after recent positioning buildup. The funding rate is around -0.013% (lowest since February), with new activity dominated by shorts and earlier long exposure reduced. This setup can tighten if price stabilizes near $2,150, but the near-term technical read remains cautious.
For ETH traders, $2,400 is the ceiling and $2,150 is the trigger level to watch for liquidation-driven volatility.
Bearish
The article centers on repeated ETH failures to break above $2,400 (a classic triple-top rejection). In prior similar setups, multiple failed retests often lead to supply taking control and a move toward the nearest major support—here, $2,150—especially when liquidation liquidity is concentrated just below.
The bearish tilt is reinforced by derivatives signals: falling ETH open interest suggests leverage is being unwound, while a negative funding rate (around -0.013%) indicates shorts dominate new flows. That combination can keep rallies capped until ETH either regains the 100-day EMA (~$2,350) and the $2,400 ceiling, or cleanly reclaims $2,150 as support.
Relative strength also matters for altcoin allocation. The ETH/BTC ratio slipping under key moving averages signals that BTC is currently the preferred relative risk asset. In the short term, traders may focus on $2,150 as the liquidation trigger; a break could accelerate downside. Over the longer term, a sustained recovery in ETH/BTC toward the ~0.026 BTC pivot would be needed to argue for a durable trend change. Until then, the risk/reward for longs remains unfavorable.