Ethereum Falls 3.4% to $2,287 After $2,400 Rejection

Ethereum's price fell 3.4 percent to $2,287 on Monday after suffering its fourth rejection at the $2,400 resistance level since April 14.

The cryptocurrency has repeatedly tested the $2,400 threshold over the past two weeks, forming a triple top pattern on the daily chart. Each attempt saw diminished momentum near that level, with sellers absorbing buying pressure. The 100-day exponential moving average around $2,350 has acted as additional dynamic resistance, preventing daily closes above it and capping upside moves.

Traders now focus on $2,150 as the key support zone, a level that previously served as resistance before flipping. A break below it could expose Ethereum to the $2,050 to $1,900 range. Liquidation data indicates over $2.5 billion in leveraged long positions clustered just beneath $2,150, raising the risk of forced selling if that support fails.

Weakness in the ETH/BTC trading pair has compounded concerns. The ratio dropped below 0.032 BTC, breaching a prior support level and its 21-period moving average. The next higher-timeframe support for the pair lies near 0.026 BTC. MN Capital founder Michaël van de Poppe highlighted the breakdown, stating, "I keep repeating...