Ethereum’s recent recovery phase has weakened considerably after repeated failures beneath the $2.4K major resistance level. The latest price action suggests bearish momentum is gradually building, while buyers struggle to maintain control above important support regions.
Ethereum Price Analysis: The Daily Chart
On the daily timeframe, ETH has experienced a notable bearish rejection after multiple unsuccessful attempts to reclaim the key resistance zone around $2.3K-$2.4K. This region remains highly significant as it has acted as an important supply area where sellers continue to defend aggressively.
The latest decline has pushed the price back toward the 100-day MA, making it the next dynamic support level. A confirmed breakdown below this moving average could trigger another bearish leg toward the crucial demand zone around $1.8K-$1.85K. Meanwhile, the broader structure still resembles a corrective phase beneath the descending 200-day MA near the $2.6K region, suggesting the higher timeframe trend remains fragile.
Unless Ethereum manages to reclaim the $2.4K resistance and stabilize above it, bearish continuation toward lower support levels currently appears to be the more probable scenario.
ETH/USDT 4-Hour Chart
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 $2.18K-$2.22K.
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 $2.3K becomes possible. However, failure to hold the $2.2K support would expose the next major demand zone around $2.05K-$2.1K.
Notably, the recent breakdown also invalidates much of the prior bullish recovery structure, indicating sellers have regained control over short-term momentum. Unless ETH quickly reclaims the broken trendline and returns above the $2.3K region, further downside pressure remains likely in the coming sessions.
Sentiment Analysis
The Taker Buy Sell Ratio measures the balance between aggressive buyers and aggressive sellers in the futures market. Values above 1 indicate buy-side dominance, suggesting market participants are executing more market buy orders, while readings below 1 reflect stronger selling pressure and bearish sentiment. As a result, this metric is often used to evaluate short-term momentum shifts and trader conviction.
Recently, the indicator has remained persistently below the neutral 1 threshold, currently hovering around the 0.96–0.97 region. This suggests that sell-side activity continues to dominate derivatives markets, aligning closely with Ethereum’s recent bearish price action and the breakdown observed on lower timeframes.
Although minor rebounds in the ratio have appeared, buyers have repeatedly failed to regain sustained control. This ongoing weakness implies that aggressive demand remains limited, increasing the probability of continued downside pressure in the coming weeks.
If the Taker Buy Sell Ratio remains below 1 while ETH trades beneath key resistance levels around $2.3K-$2.4K, the bearish scenario discussed in the technical analysis could strengthen further, potentially driving the price toward lower support zones around $2.1K and eventually the critical $1.8K region.
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