Ether (ETH) fell 3.4% to $2,287 on Monday, after its fourth rejection at $2,400 since April 14. The price continues to remain below the 100-day moving average and there is over $2.5 billion in liquidation risk concentrated near the $2,150 support zone.
Crypto analyst Michaël van de Poppe also observed Ether’s weakness relative to Bitcoin, raising doubts about the strength of any short-term uptrend.
Repeat rejections with $2,400 worth of ETH upside
Ether has failed to break $2,400 four times over the past two weeks, creating a clear triple top pattern on the daily chart. Each retest saw a loss of strength near this level, suggesting supply absorption by sellers.
The 100-day exponential moving average (EMA) near $2,350 continues to act as animated resistance. The price failed to stay above this value on the one-day chart, making any upside attempts short-lived.
ETH/USDT on the one-day chart. Source: Cointelegraph/TradingView
The support at $2,150 now carries more weight. The level previously acted as a resistance and may be tested as a base in the coming days. A move below this level opens the way to deeper levels of declines.
The liquidation data increases pressure on this zone, with $2.5 billion of leveraged long positions trading below $2,150. A break below this level could trigger forced selling in the $2,050 to $1,900 range.
Aether elimination map. Source: CoinGlass
Founder of MN Capital Michaël van de Poppe excellent weakness of the ETH/BTC pair. The indicator fell below 0.032 BTC, removing a key support level associated with previous continuation attempts.
The ETH/BTC ratio also fell below its 21-period moving average, signaling relative strength against Bitcoin was fading. The next higher level of the time frame is located near 0.026 BTC, where buyers have previously entered.
ETH/BTC chart analysis on Binance. Source: CryptoQuant
Related: BitMine Acquires 101,000 ETH Despite $6.5 Billion Unrealized Losses
ETH futures positions indicate a market reset
On Binance, open interest in Ether (OI) it fell to $2.58 billion, matching levels seen when ETH was trading earlier this month near $2,200. The decline indicates a leverage reset following the recent enhance in positions.
ETH: Binance’s cumulative net audience volume. Source: CryptoQuant
The funding rate provides a clearer signal at -0.013%, the lowest reading since February. The up-to-date activity is dominated by brief positions, while the previous long exposure has been reduced.
Crypto analyst Amr Taha excellent that this combination puts ETH in a high brief and lower leverage setup. If price continues near current levels, the positioning-price imbalance could become more acute, leading to a breakout sooner rather than later.
The key zone is centered on the $2,150 level, where liquidation risk and the current technical level converge on the daily chart.
Related: ETH Price Up 10% in April, So Why is the Ethereum Foundation Selling?
