Ethereum sellers are standing firm at the $2.3K-$2.4K resistance zone, repelling every attempt to break higher. The latest rejection triggered a breakdown from the ascending wedge on the 4-hour chart, sending ETH down to the $2.18K-$2.22K demand area. Taker buy-sell ratio data shows sustained selling pressure in derivatives markets, with the metric hovering between 0.96-0.97 — a sign that bears remain in control of short-term momentum.
The $2.3K wall that won't break
Every time Ethereum has tried to push above $2.3K this week, sellers step in. The $2.3K-$2.4K supply zone has held firm across multiple intraday attempts. On-chain order book data suggests ask-side liquidity clusters in that range, making it a tough nut to crack. The repeated failure is turning what could have been a bullish breakout into a grinding sideways-to-lower pattern.
Wedge breakdown on the 4-hour chart
The ascending wedge that had formed over the past several days was always a bearish setup. Ethereum's price broke below it decisively, invalidating the prior bullish structure. That breakdown sent ETH sliding toward the $2.18K-$2.22K zone — an area that had previously acted as support. The speed of the move caught some late buyers off guard.
Support levels in focus
Right now the 100-day moving average is functioning as dynamic support underneath the recent decline. It's helping slow the drop, but it's not a guarantee. If Ethereum fails to hold the $2.18K-$2.22K demand zone, the next stop is $2.05K-$2.1K support. The bigger picture looks fragile — ETH remains below the descending 200-day moving average near $2.6K, a level that's been overhead resistance for weeks. That's not a bullish higher timeframe setup.
The immediate question is whether the demand zone can absorb the selling pressure. If buyers step in around $2.2K, Ethereum could try to reclaim the wedge's lower boundary. But if the taker sell ratio stays below 1 — it's been stuck at 0.96-0.97 — the path of least resistance is lower. A breakdown below $2.18K would open the door to $2.05K, and that could get ugly fast. No one's calling a bottom yet.
