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

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ETH/USDT on the one-day chart. Source: Cointelegraph/TradingView 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. Ether liquidation map. Source: CoinGlass MN Capital founder Michaël van de Poppe noted weakness in the ETH/BTC pair. The ratio dropped below 0.032 BTC, removing a key support level tied to prior continuation attempts. 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. ETH/BTC chart analysis on Binance. Source: CryptoQuant On Binance, Ether’s open interest (OI) has dropped 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. 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 noted 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.

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