Ethereum Price Rejected Near $2,400 Again, Sellers Defend Key Barrier

Ethereum faces renewed selling pressure near $2,400, having retreated below key technical levels including the $2,350 zone and its 100-hourly moving average. Bears have broken through a bullish trend line, with further downside possible if support at $2,300 fails, while technical indicators show bearish momentum building.

Ethereum's price action reflects a critical inflection point in its near-term trajectory. The rejection at $2,380-$2,400 represents the third significant attempt to break above this psychological barrier, suggesting a loss of upward momentum despite earlier bullish positioning. The break below the 50% Fibonacci retracement level at $2,350 is particularly telling, as it indicates sellers are actively defending higher valuations and willing to push the asset lower.

The technical setup deteriorates as the hourly MACD gains bearish momentum while the RSI dips below the 50 midpoint, both confirming weakening buyer conviction. The break below the bullish trend line at $2,340 signals a potential shift from consolidation to distribution. For Ethereum holders, the $2,300 support level becomes critical—a breach here could trigger a cascade toward $2,265 and potentially $2,220, representing 5-6% additional downside from current levels.

Market structure matters significantly here. Ethereum's failure to sustain gains at elevated levels while Bitcoin faces similar resistance suggests broader cryptocurrency market weakness rather than ETH-specific issues. This synchronized bearishness typically precedes either capitulation or a retest of recent lows, creating uncertainty for leveraged traders and long-term investors alike.

Looking ahead, traders should monitor whether bulls can stabilize price at $2,300 or if breakdown acceleration occurs. An upside scenario requires clearing $2,380 convincingly and establishing fresh momentum, but current technical conditions favor further consolidation or decline in the near term.

• →Ethereum rejected resistance near $2,400 and broke below a bullish trend line, signaling weakening buyer pressure
• →Key support levels at $2,300 and $2,265 will determine whether the decline accelerates or stabilizes
• →Technical indicators show bearish momentum with MACD in negative territory and RSI below 50
• →Further losses below $2,265 could push Ethereum toward $2,220-$2,200 support zones
• →Upside scenario requires a clear break above $2,380 to restore bullish momentum toward $2,440-$2,450