Ether (ETH) fell 3.4% to $2,287 on Monday, following its fourth rejection of the $2,400 level since April 14. The price continues to trade below the 100-day moving average, with over $2.5 billion of liquidation risk concentrated near the $2,150 support zone.
Crypto analyst Michaël van de Poppe also flagged Ether’s weakness against Bitcoin, raising doubts about the strength of any short-term uptrend.
Repeat rejection with ETH’s $2400 upside
Ether has failed to break $2,400 four times in the past two weeks, forming a clear triple top on the daily chart. Each retest showed a loss of strength near that level, indicating absorption of the offer by sellers.
The 100-day exponential moving average (EMA) near $2,350 continues to act as dynamic resistance. The price did not stay above it on the one-day chart, which is why the attempts to rise were short-lived.
ETH/USDT on the 1-day chart. Source: Cointelegraph/TradingView
The $2,150 support 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 drop levels.
Liquidation data adds pressure to this zone, with $2.5 billion of debt leveraged below $2,150. A drop below this level could trigger a forced sell in the $2,050-$1,900 range.
Ether liquidation map. Source: CoinGlass
MN Capital founder Michaël van de Poppe recorded weakness in the ETH/BTC pair. The ratio 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 weakening relative strength against Bitcoin. The next higher timeframe level is near 0.026 BTC, where buyers previously jumped in.
ETH/BTC chart analysis on Binance. Source: CryptoQuant
Related: BitMine Gains 101,000 ETH Despite $6.5 Billion in Unrealized Losses
ETH futures positions hint at a market reset
On Binance, Ether’s Open Interest (OI) has fallen to $2.58 billion, matching levels seen when ETH was trading near $2,200 earlier this month. A decline indicates a bullish repositioning after a recent increase in positioning.
ETH: Binance cumulative net amount of users. Source: CryptoQuant
The funding rate offers a clearer signal, near -0.013%, the lowest reading since February. Short positions dominate the new activity while earlier long exposure has reduced.
Crypto analyst Amr Taha recorded that this combination puts ETH in a low leverage setup. If price holds close to current levels, the imbalance between positioning and price could narrow, leading to a breakout sooner rather than later.
A key zone is centered around $2,150, where liquidation risks and the current technical level converge on the daily chart.
Related: ETH Price Up 10% in April, So Why Is the Ethereum Foundation Selling?
