Ether (ETH) on Ethereum fell 3.4% to $2,287 on April 27 after failing for the fourth time to overcome the $2,400 resistance level, establishing a bearish triple top pattern that threatens further downside.
"Unfortunately, it broke down, which means that there’s no continuation of the uptrend, yet," MN Capital founder Michaël van de Poppe said, noting weakness in the ETH/BTC pair. "As long as it stays below 0.032 $BTC, I’m not interested until I see a clear bottoming formation or when it tests 0.026."
The repeated rejections at $2,400 suggest sellers are absorbing buying pressure, with the price remaining below the 100-day exponential moving average. Data from derivatives markets shows a reset in leverage, as open interest on Binance dropped to $2.58 billion, and the funding rate hit its lowest point since February at -0.013 percent. According to CoinGlass, a significant $2.5 billion in leveraged long positions are clustered below the $2,150 support level.
A decisive break below the $2,150 support could trigger a cascade of forced selling, potentially pushing the price into a range between $1,900 and $2,050. The ETH/BTC ratio has also lost a key support level at 0.032 BTC, signaling fading relative strength against Bitcoin and pointing toward a potential retest of the 0.026 BTC higher-timeframe support area.
The technical outlook for Ethereum appears increasingly bearish. The triple top formation is a classic reversal pattern, and its confirmation at the $2,400 level undermines the case for a near-term rally. The price has not sustained a close above the 100-day EMA, which is now acting as dynamic resistance around $2,350, reinforcing the negative outlook.
The weakness is compounded by the deteriorating ETH/BTC ratio. Its fall below both the 0.032 BTC level and the 21-period moving average indicates that capital is rotating away from Ether and towards Bitcoin. This relative weakness often precedes broader market downturns for altcoins.
Despite the negative price structure, several on-chain metrics suggest sophisticated investors may be accumulating ETH. According to CryptoQuant, the 30-day moving average of the taker buy/sell ratio has climbed to its highest level since early 2023, indicating aggressive buying of market orders.
Furthermore, network activity remains robust. The 180-day moving average for newly deployed smart contracts on Ethereum has reached an all-time high, a sign of expanding developer engagement that has historically preceded price reversals. This fundamental strength is supported by institutional flows, with spot Ethereum ETFs attracting $155 million in net inflows last week, the third consecutive week of positive flows, per SoSoValue data. BlackRock’s IBIT led the pack with $138 million in new capital.
This article is for informational purposes only and does not constitute investment advice.
