Ether Faces Downside Pressure as Triple-Top Pattern Emerges at $2,400

Ether (ETH) experienced a 3.4% decline to $2,287 on Monday, marking a significant failure to overcome the $2,400 psychological and technical barrier. This rejection represents the fourth attempt to break the level since mid-April, establishing a bearish triple-top pattern on the daily chart. The asset continues to trade below its 100-day exponential moving average (EMA), currently situated near $2,350. This EMA is acting as a dynamic resistance, limiting upside attempts and suggesting that sellers are absorbing supply at higher price points. Market participants are closely monitoring the $2,150 support level. Approximately $2.5 billion in leveraged long positions are concentrated below this zone; a breach could trigger a cascade of forced liquidations, potentially driving the price down into the $1,900 to $2,050 range. Analysis of the ETH/BTC pair reveals further weakness, with the ratio slipping below 0.032 BTC and the 21-period moving average. This indicates that Ether is losing relative strength against Bitcoin, further dampening the outlook for a near-term bullish reversal. On Binance, open interest has reset to $2.58 billion, while the funding rate has dropped to -0.013%, the lowest since February. While this indicates a shorts-heavy environment, some analysts suggest this imbalance could eventually lead to a breakout if the current support levels hold.