Ethereum has turned weaker in the short term after slipping below the $2,290 support area and breaking down from a rising channel. The move interrupted a recovery that had started near the February low around $1,937, where ETH had posted a sequence of higher lows through March and into early April. That rebound stalled once price ran into stubborn resistance between $2,290 and $2,330.
Channel breakdown shifts focus away from resistance and toward support
Repeated rejection in that upper zone showed that sellers were active and that buyers could not force a clean breakout. Once channel support failed, the market changed character quickly. Analyst Cryptorphic said the ETH channel breakdown had been confirmed, with price moving lower after losing a key support area, and traders now watching for continuation toward lower levels.
The breakdown also changed the structure traders had been following. Instead of looking for an upside extension, the market is now mapping out where demand may return. A key framework comes from the Fibonacci retracement drawn between the swing high at $3,111.8 and the low at $1,937.5. That places the 0.618 retracement at $2,214.7, a level Ethereum had reclaimed during the rebound before momentum faded near $2,290.
Fibonacci levels frame the next downside tests
After the failed push higher, $2,214 and $2,161 have become the nearest support references for buyers trying to slow the decline. If those levels give way, attention may shift to the $2,108 to $2,043 area. A broader loss of strength could bring the February low near $1,937 back into view. Earlier in the rally, holding above $2,214 helped bulls retain some control. That support buffer has weakened.
Long bias remains, but positioning looks fragile
Momentum data had been constructive before the breakdown, with the Awesome Oscillator staying above zero on the daily chart. Recent sessions reversed that condition, pointing to fading upside strength and growing hesitation near resistance. Positioning data showed that traders were still leaning long: Binance’s ETH/USDT long-to-short ratio stood at 2.13, while OKX’s was 1.57.
Even so, whale and top-trader net long exposure was not described as aggressively sized, which points to caution under the surface. Liquidation data also painted a mixed picture. Shorts were liquidated on shorter time frames, but larger long liquidations dominated over the 12-hour and 24-hour windows. Taken together, the data reflects a volatile market that has seen a squeeze without establishing a stable direction. Unless Ethereum can reclaim the former channel and rebuild momentum near resistance, near-term pressure remains tilted toward sellers.