Early this morning, Ethereum oscillated lower from around 2,400, and the price has now fallen to around 2,380. As a support-turned-resistance level tested multiple times previously, 2,400 has evolved into short-term resistance after being breached. The price center has clearly shifted lower, with consecutive bearish candles on the hourly chart. Trading volume has increased moderately during the decline, while bearish momentum continues to be released.
Structurally, the loss of the 2,400 level means a short-term top has initially taken shape. The 2,350–2,360 area below is a key neckline support
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