Ethereum Risks Drop if Price Can't Break ₱141,341 ($2,360)

Ethereum cleared a bearish trend line near $2,300 but stalled below the $2,360 resistance zone. The price trades below $2,340 after a spike to $2,335 met selling pressure, leaving bulls in a tight spot.

The recovery from the $2,250 support zone broke through the 23.6% Fibonacci retracement level calculated between the $2,465 swing high and $2,253 swing low. But the 50% Fibonacci level sits at $2,360, where resistance has capped two attempts this week. Ethereum also trades below the 100-hour simple moving average, a bearish signal that suggests momentum remains fragile.

Institutional flows tell a similar story. Spot Ethereum ETFs bled ₱4.61 billion ($77 million) in March alone, pushing cumulative losses to ₱143.74 billion ($2.4 billion). Five consecutive months of outflows undercut the case for sustained recovery, even as the Pectra upgrade entered final testing on April 18 with promises of wallet abstraction and validator efficiency improvements.

Bulls need to hold $2,290 support to keep upside hopes alive. Immediate resistance sits at $2,330, with $2,360 as the decisive level. A clean break above $2,360 opens the door to $2,385 and potentially $2,420, where sustained gains could push Ethereum toward $2,500. Technical indicators lean bearish with the hourly MACD gaining momentum in the bearish zone and RSI below 50, while Changelly pegs April's trading range at $2,050 to $2,465 with a $2,257 monthly average. If $2,200 breaks, the next landing zone sits at $2,150, with main support at $2,120.