Ethereum Price Analysis: ETH Bullish Structure in Danger as Warning Signs Appear

Key Points

1. Ethereum is consolidating below the $4,000 zone after a rally from $2,800, with buyers defending the $3,400 support level.

2. The major resistance is at $4,100 (2024 high); breaking above $3,800 could lead to a retest of this level.

3. A drop below $3,400 might trigger a deeper correction toward $2,800, aligning with the 100-day moving average.

4. The 4-hour chart shows ETH testing $3,700 twice but respecting the $3,500 demand zone; holding above $3,700 could open a path to $3,900 and $4,100.

5. Open Interest has slightly declined after peaking near $28B, indicating reduced leverage during consolidation, which is seen as healthy.