Ethereum’s recent recovery attempt has faltered after repeated rejections below the $2,400 resistance level. Technical analysis shows the price broke below a key ascending wedge pattern on lower timeframes, signaling bearish momentum. The next critical support is the 100-day moving average, with a breach potentially leading toward the $1,800-$1,850 demand zone. Derivatives market data also indicates sustained selling pressure, aligning with the current technical weakness.
Ethereum’s recovery phase has weakened considerably after repeated failures beneath the $2,400 major resistance level. The latest price action suggests bearish momentum is gradually building while buyers struggle to maintain control above important support regions.
On the daily timeframe, ETH has experienced a notable bearish rejection after multiple unsuccessful attempts to reclaim the key resistance zone around $2,300-$2,400. The latest decline has pushed the price back toward the 100-day moving average, making it the next dynamic support level.
On lower timeframes, ETH recently broke the lower boundary of its ascending wedge formation, providing one of the clearest bearish signals observed in recent weeks. Following the breakdown, price accelerated lower and reached the first highlighted demand region around $2,180-$2,220.
The reaction at this support zone will likely determine Ethereum’s next directional move. If buyers succeed in defending the current region, short-term consolidation or a temporary rebound toward the broken wedge boundary near $2,300 becomes possible.
The Taker Buy Sell Ratio, a metric measuring aggressive buyer versus seller activity in futures markets, has remained persistently below the neutral 1 threshold. This suggests that sell-side activity continues to dominate derivatives markets, aligning closely with Ethereum’s recent bearish price action.
This ongoing weakness implies that aggressive demand remains limited, increasing the probability of continued downside pressure in the coming weeks. Unless ETH quickly reclaims the broken trendline and returns above the $2,300 region, further downside pressure remains likely.
