Ethereum’s recent recovery has lost momentum after multiple failed attempts to break above the key $2,400 resistance level. Current price action points to growing bearish pressure as buyers struggle to hold critical support areas.
Ethereum Price Analysis: The Daily Chart
On the daily chart, ETH faced a clear bearish rejection following repeated efforts to reclaim the $2,300–$2,400 resistance zone. That area remains an important supply region where sellers are defending aggressively, preventing a sustained upside move.
The latest pullback has pushed price toward the 100-day moving average, which now acts as the next dynamic support. A decisive close below this moving average could prompt another leg down toward the primary demand zone around $1,800–$1,850. At the same time, the broader structure still looks corrective beneath the descending 200-day moving average near $2,600, indicating the higher-timeframe trend remains fragile and vulnerable to further downside.
Unless Ethereum can reclaim $2,400 and hold above it, a bearish continuation toward lower support levels appears the more likely outcome in the near term.
ETH/USDT 4-Hour Chart
On lower timeframes, ETH recently broke the lower boundary of an ascending wedge, signaling a notable bearish shift after weeks of attempted recovery. Following the breakdown, price accelerated lower and reached the first highlighted demand region near $2,180–$2,220.
How price reacts at this support zone will likely determine the next directional move. If buyers defend the current level, we could see short-term consolidation or a pullback toward the broken wedge boundary around $2,300. If $2,200 fails to hold, the next significant demand area sits around $2,050–$2,100.
The recent breakdown has also undermined much of the prior bullish recovery structure, suggesting sellers have regained control of short-term momentum. Without a quick reclaim of the broken trendline and a push back above the $2,300 region, further downside pressure is likely to persist over the coming sessions.
Sentiment Analysis
The Taker Buy/Sell Ratio tracks the balance between aggressive buyers and aggressive sellers in futures markets. Readings above 1 indicate buy-side dominance—more market buy orders—while readings below 1 indicate stronger selling pressure and bearish sentiment. Traders use this metric to gauge short-term momentum shifts and conviction.
Recently, the ratio has stayed below the neutral 1 level, hovering around 0.96–0.97. That suggests sell-side activity continues to dominate derivatives markets, aligning with Ethereum’s recent bearish price action and the breakdown seen on shorter timeframes.
Although there have been occasional upticks in the ratio, buyers have not been able to sustain control. This persistent weakness implies limited aggressive demand and raises the likelihood of additional downside in the coming weeks.
If the Taker Buy/Sell Ratio remains below 1 while ETH trades beneath resistance near $2,300–$2,400, the bearish scenario outlined in the technical analysis could strengthen, increasing the chance of moves toward support zones around $2,100 and, ultimately, the critical $1,800 area.