ETH triple top rejects $2.4K as analysts point to weakness in BTC
Ether (ETH) fell 3.4% to $2,287 on Monday after its fourth decline since April 14 at the $2,400 level. The price continues to trade below its 100-day moving average, with more than $2.5 billion of liquidity risk concentrated near the $2,150 support zone.
Crypto analyst Michael van de Pop has highlighted the weakness in Ether relative to Bitcoin, casting doubt on the strength of the near-term reversal.
At the $2,400 cap, ETH repeated the rejection to the upside
Ether has failed to break $2,400 four times in the past two weeks, creating a clear triple top pattern on the daily chart. Each retest saw a loss of strength near that level, suggesting a supply pull by sellers.
The 100-day EMA near $2,350 continues to act as volatile resistance. The price did not hold above it on the one-day chart, keeping speculative tests short-lived.
ETH/USDT on a daily chart. Source: Cointelegraph/TradingView
The support at $2,150 is now more weighty. The level may be tested as a base in the coming days as it was already a resistance. A move below it opens a door to deeper lower levels.
Liquidity data will put pressure on this zone, with $2.5 billion leveraged longs sitting below $2,150. A break below this level could trigger forced selling in the $2,050 to $1,900 range.
Ether liquid map. Source: CoinGlass
Michael Van de Pop, founder of MN Capital, expressed weakness on the ETH/BTC pair. The ratio dropped below 0.032 BTC, removing a key support level associated with previous series tests.
The ETH/BTC ratio has slipped below its 21-period moving average, indicating relative strength against Bitcoin is fading. The next high-time frame level sits near 0.026 BTC, where buyers entered earlier.
ETH/BTC chart analysis on Binance. Source: CryptoQuant
Related: BitMine Gains 101,000 ETH 6.5B Despite Undisclosed Losses
ETH future positions hint at a market reset
On Binance, Ether open interest (OI) dropped to $2.58 billion, while ETH was seen trading around $2,200 earlier this month. The decline suggests a reset following the latest position build.
ETH: Binance Accumulated Net Raiser Vote. Source: CryptoQuant
The funding rate offered a more positive signal, sitting near -0.013%, its lowest reading since February. When short positions control new activity, previously long exposures are reduced.
Crypto analyst Amr Taha noted that this combination puts ETH in a short-heavy setup. If the price stays at the current level, the mismatch between position and price may narrow, leading to a breakout.
A key zone is centered around $2,150 and liquidity risks and current technical levels are gathered on the daily chart.
Related: ETH Price Up 10% in April, So Why Are Ethereum Foundation Selling?
