Ethereum faces a supply wall—uptrend structure at risk of collapse

Ethereum is currently pressing toward a clear supply zone of 2400–2500, and the price action tells a clear story: buyers are trying, but sellers still control the situation. Multiple rejections from this area confirm it as a strong distribution zone, with smart money continuously stepping in to limit the upside.
Within the 4-hour structure, price keeps climbing along the rising trendline, forming higher lows—yet the quality of these pushes is weakening. Momentum is fading, and the recent consolidation near the resistance level looks more like absorption than accumulation. This type of structure usually signals a collapse rather than a breakout, especially when price continues to fail to reclaim key supply.
The 2150 level stands out as an especially important pivot. It aligns with the previous structural support line and sits just below the rising trendline. If price cleanly breaks through and closes below this area, it would invalidate the current high-low structure and could trigger a shift in market sentiment. If that happens, downside room opens rapidly, targeting the demand zone around 1900—this is the next major liquidity area and the level where buyers previously showed strong interest.
On the other hand, the bulls still have a clear path: reclaim the 2400–2500 area and firmly hold above it. Anything short of that will keep the market in a bearish backdrop, and rebounds back to resistance levels are more likely to be sold into而#加密市场行情震荡