Ethereum rejected the $2,800 level again and now hovers at $2,492 with sellers near range highs showing pressure.
If price slips below support then the weekly level at $2,155 could become the next target in short time.
The ETF VWAP line has acted as strong resistance and signals sellers are still controlling the local trend zone.
Ethereum (ETH) is showing signs of weakness as price trades around $2,492 near the VWAP from its ETF listing highs. Current structure indicates ETH is forming a distributive range, barely holding on at the lower boundaries of its established zone. Analysts expect a deeper move toward $2,155 if the market breaks below current support.
Source: X
The chart shared by Crypto Bully on June 7 shows ETH is rejecting levels just under $2,800, coinciding with the anchored VWAP from its ETF debut. Following recent news volatility, ETH failed to reclaim this upper resistance and now risks losing its current support range. A significant pullback could be confirmed if the broader market weakens further, particularly Bitcoin.
The 4-hour chart shows ETH struggling to gain strength, trading in a wide rectangle between $2,155 and $2,800 for weeks. Attempts to break out have repeatedly failed, and the price is now testing the lower edge of this channel once again.
Distributive Pattern Points to Range Breakdown Risk
Ethereum’s ongoing price action forms a clear distribution zone, which traders often interpret as a signal of potential trend reversal. With prices showing lower highs and consistent rejections near the anchored VWAP, market behavior leans bearish. Sellers appear more active near the top of the range while buyers show hesitation at the lows.
As seen in the price chart, the anchored VWAP from the ETF listing high sits near $2,800 and has acted as resistance. Ethereum touched this level multiple times without sustaining a break, confirming its role as a major rejection zone. This repeated failure contributes to distribution characteristics and puts added pressure on range support.
ETH is now trading near $2,492, just above the support band that spans roughly $2,450 to $2,480. The reaction at this area will be key in the coming days. If selling momentum increases or Bitcoin drops sharply, Ethereum may not hold the range floor.
ETF VWAP and Market Correlation to BTC Remain Key Triggers
The ETF listing high’s anchored VWAP serves as a psychological and technical barrier that many traders watch closely. Its inability to break above this level signals weakness in ETH’s trend structure. This area aligns with visible volume spikes, meaning many trades were placed near this zone.
Market correlation with Bitcoin adds another layer of concern. Crypto Bully noted that Ethereum has shown relative underperformance compared to BTC during recent moves. If Bitcoin retraces, ETH could lag further and drop quickly toward the next major level.
The weekly level of $2,155 has now become a potential downside target. This zone has been marked as a likely destination if current support collapses. The chart includes a projected breakdown path that suggests sellers could aim for this level in a swift move.
Will Ethereum Break Its Range or Hold Key Support at $2,492?
As Ethereum moves closer to key range support, traders are watching for signs of continuation or bounce. With resistance at $2,800 holding and price now near $2,492, the market appears uncertain. Will ETH find new buying pressure or fall toward the $2,155 weekly level before bulls return?
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