Ethereum

bullish

April

when

Ether (<a rel="noopener noreferrer nofollow">ETH</a>) fell 3.4% to $2,287 on Monday, after its fourth rejection at the $2,400 level since April 14. The price continues to trade below the 100-day moving average, with over $2.5 billion in liquidation risk concentrated near the $2,150 support zone.
Crypto analyst Michaël van de Poppe also flagged weakness in Ether relative to Bitcoin, raising doubts about the strength of any near-term uptrend.&nbsp;
<h2 id="repeat-rejections-at-2-400-cap-eth-s-upside">Repeat rejections at $2,400 cap ETH's upside</h2>
Ether has failed to break $2,400 four times over the past two weeks, forming a clear triple top pattern on the daily chart. Each retest saw a loss of strength near that level, suggesting supply absorption by sellers.
The 100-day exponential moving average (EMA) near $2,350 continues to act as a dynamic resistance. The price has not held above it on the one-day chart, keeping upside attempts short-lived.&nbsp;
<img alt="Ether triple top strikes at $2.4K as ETH analysts doubt bullish trend change" height="1474" src="https://payload.cointelegraph.com/api/media/file/019dd051-72c1-77d7-96c1-77950736252b.png?prefix=media%2Fcontent" width="2710">
ETH/USDT on the one-day chart. Source: <a href="https://www.tradingview.com/symbols/ETHUSDT/" rel="noopener noreferrer nofollow">Cointelegraph/TradingView</a>
The support at $2,150 now carries more weight. The level previously acted as resistance and could be tested as a base in the coming days. A move below it opens the door to deeper downside levels.
Liquidation data adds pressure to this zone, with $2.5 billion in leveraged longs sitting below $2,150. A break below this level could trigger forced selling into the $2,050 to $1,900 range.
<img alt="Ether triple top strikes at $2.4K as ETH analysts doubt bullish trend change" height="1030" src="https://payload.cointelegraph.com/api/media/file/019dd050-e05a-7718-b830-e3dc0f9052ad.jpg?prefix=media%2Fcontent" width="2162">
Ether liquidation map. Source: CoinGlass
MN Capital founder Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/2048758311613534331?s=20" rel="noopener noreferrer nofollow">noted</a> weakness in the ETH/BTC pair. The ratio dropped below 0.032 BTC, removing a key support level tied to prior continuation attempts.&nbsp;
The ETH/BTC ratio also slipped under the 21-period moving average, signaling fading relative strength against Bitcoin. The next higher-time frame level sits near 0.026 BTC, where buyers previously stepped in.
<img alt="Ether triple top strikes at $2.4K as ETH analysts doubt bullish trend change" height="804" src="https://payload.cointelegraph.com/api/media/file/019dd04f-d9a7-7aac-82ba-a79e40bbae26.jpg?prefix=media%2Fcontent" width="1200">
ETH/BTC chart analysis on Binance. Source: CryptoQuant
<a href="https://cointelegraph.com/news/bitmine-eth-holdings-unrealized-losses-staking-rewards" rel="noopener noreferrer nofollow">Related: BitMine acquires 101,000 ETH despite $6.5B in unrealized losses</a>
<h2 id="eth-futures-positions-hint-at-a-market-reset">ETH futures positions hint at a market reset</h2>
On Binance, Ether’s open interest (OI) <a href="https://cryptoquant.com/insights/quicktake/69ef40ef6aae2d16bb46f264-Ethereum-Binance-Open-Interest-Falls-Back-to-April-13-Levels-as-Funding-Stays-Ne" rel="noopener noreferrer nofollow">has dropped</a> to $2.58 billion, matching levels seen when ETH traded near $2,200 earlier this month. The decline points to a reset in leverage following the recent positioning buildup.
<img alt="Ether triple top strikes at $2.4K as ETH analysts doubt bullish trend change" height="975" src="https://payload.cointelegraph.com/api/media/file/019dd04f-28ff-754b-8925-ee10c0427222.png?prefix=media%2Fcontent" width="1735">
ETH: Binance cumulative net taker volume. Source: CryptoQuant
The funding rate offers a clearer signal, sitting near -0.013%, the lowest reading since February. The short positions dominate new activity while earlier long exposure has been reduced.
Crypto analyst Amr Taha <a href="https://cryptoquant.com/insights/quicktake/69ef40ef6aae2d16bb46f264-Ethereum-Binance-Open-Interest-Falls-Back-to-April-13-Levels-as-Funding-Stays-Ne" rel="noopener noreferrer nofollow">noted</a> that this combination places ETH in a shorts-heavy setup with lower leverage. If price holds near current levels, the imbalance between positioning and price could tighten, leading to a breakout sooner than later.
The key zone centers on $2,150, where liquidation risks and the current technical level converge on the daily chart.
<a href="https://cointelegraph.com/markets/eth-price-up-10-in-april-so-why-is-ethereum-foundation-selling" rel="noopener noreferrer nofollow">Related: ETH price up 10% in April, so why is Ethereum Foundation selling?</a>

Ether triple top strikes at $2.4K as ETH analysts doubt bullish trend change

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