Ethereum price drop under $4K as funding turn negative
Ethereum price don fall under $4,000, e don lose the middle of im ascending channel and e don waka down pass the 100-day moving average wey near $3,800. The drop even pass the 50% Fibonacci retracement zone for $3,400–$3,500. E small bounce reach $3,800, but the daily RSI still under 40, wey mean say the momentum no strong.
For the 4-hour chart, ETH find support around $3,400 with RSI dey for oversold area near 24. Resistance for $3,800 still strong. If e no break clean pass $4,200, e no go get better momentum; if not, ETH go still dey under pressure.
On-chain data show say Exchange Supply Ratio dey low for many years and the funding rates don turn negative for first time since late 2024. This one show say forced liquidation and fear dey for traders. Normally, deep pullbacks like this fit clear too much leverage and fit cause short-term recoveries once sellers commot.
If e fail to get back the key support at $4,000, e fit fall deeper go $3,000, wey fit threaten the bigger bull market. Traders suppose dey watch volume, funding rates and RSI signals to know if e go reverse or breakdown go quick.
Bearish
Di news dey show say Ethereum price dey face steady downward pressure since e break critical support wey be $4,000. Technical indicators like daily RSI below 40, on-chain supply ratio wey don reach multi-year low plus funding rates wey turn negative, dey signal say bearish trend still dey. The risk say e fit fall further reach $3,000 big pass short-term bounce back. Even though old negative funding fits sometimes come before relief rallies, the fact say e no get bullish confirmation pass $4,200 mean say the main trend still bearish for short-term trading and market stability.