The price of Ethereum (ETH) is at risk of adjusting to its lowest level since the beginning of this year. This is especially true if the bulls fail to secure a daily candle close above the $2,150-$2,400 range.
Ether’s price action continues to be driven by US and global macroeconomic events, along with investors’ preference for riskier assets amid the US-Israel-Iran war. Data shows there is more than $1 billion in futures-driven selling pressure, increasing the chances of Ethereum falling below $1,800.
The main challenge for Ether is $2,400.
The Ethereum rally continues to be capped by repeated rejections near $2,150, with this level acting as strong resistance seven times over the past two months. Despite the pattern of highs and lows seen on daily charts, trends and resistance dominate price movement.
A break below the rising trend line could shift traders’ attention to $1,900, where liquidity is near the lows formed in the first week of March. Losing this level would cause a bearish collapse of the structure, exposing pockets of external liquidity to Ether’s yearly low of $1,736.
Despite the recent decline, sell positioning has not increased significantly. The liquidation heatmap shows an imbalance within a 10% range ($1,845 to $2,255) from the current price. About $2.4 billion of long liquidations are clustered near the lower limit ($1,845) and $1.7 billion of short liquidations are clustered near the upper limit ($2,255).
This skew indicates that although there is more downside liquidity, short positioning is still not overcrowded despite continued weakness in prices.
The lack of significant short selling suggests a passive positioning stance rather than conviction-based selling. The price continues to compress amid resistance and buyers are unable to regain control above the key threshold of $2,150.
Related: Ethereum Bulls Should Hold $2,000. Volatility indicators suggest ‘strong’ next move
ETH Derivatives Soar After Continued Macro Volatility
The surge in ETH futures selling heightened tensions with Iran rather than calming markets after US President Donald Trump’s comments. President Trump indicated that military action would continue until the end of April and warned of potential attacks on Iranian power plants.
Crypto analyst Darkfost noted that since its development, Binance’s Ethereum futures sales volume has increased by $1 billion within an hour.
Despite the surge in selling, ETH continues to trade just below the $2,150 resistance level. A sustained move above $2,150 would pave the way for relatively weak resistance at $2,400.
If the price breaks above $2,400, the next expansion zone will be near $2,800, where little trading activity has occurred over the past six months.
Currently, ETH remains range-bound with recurring resistance near $2,150, with $1,900 acting as the nearest liquidity center, which could extend the bearish breakdown.
Related: Ethereum’s EEZ and attempts to rebuild one Ethereum
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