Ethereum News Today: Ethereum slides below $3,540 after resistance rejection—4.5% drop in 24 hours as $3,539.63 support under pressure ahead of $10K hopes

Ethereum posted a notable decline following a failed resistance test near $3,697.08, with the price dropping 4.5% in 24 hours to settle at $3,530.30, just below a critical support level at $3,539.63. This retreat has heightened scrutiny on the green demand zone as traders assess whether the asset can stabilize within a key channel. The rejection near the descending trendline resistance underscores structural fragility, with the red rejection area on weekly charts amplifying concerns over short-term pressure. Market participants are now closely monitoring the $3,530–$3,540 range, where Ethereum’s directional bias will likely determine near-term outcomes [1].

The selloff coincided with a market capitalization decline to $425.29 billion, reflecting a 4.77% overall price drop across the last 24 hours. Despite this, 24-hour trading volume surged 7.14% to $41.26 billion, signaling heightened liquidity shifts between resistance and support levels. Analysts attribute the volume uptick to intensified selling pressure as Ethereum approached the upper red band, a pattern consistent with recent technical rejection dynamics. This divergence between price action and volume suggests ongoing market activity, though traders remain cautious about the asset’s consolidation phase [1].

The ETH/BTC pair also weakened, trading at 0.03011 BTC—a 3.4% decline in the last 24 hours—highlighting Ethereum’s relative underperformance against Bitcoin. This weakening ratio adds weight to the $3,539.63 support level, which currently shields the asset from further deterioration. If this support holds, it could catalyze a renewed bullish phase, with long-term investors still eyeing the $10,000 milestone. “Ethereum was rejected again, but if this support holds, a big move might be next,” noted one market observer, emphasizing the significance of the current consolidation [2].

Price action remains confined within a 24-hour range of $3,526.50 to $3,857.82, indicating potential for further compression unless buyers step in to defend the green support zone. A breakdown below $3,539.63 could prompt a reevaluation of near-term positioning near the mid-$3,000s, with historical weekly charts illustrating Ethereum’s sensitivity to structural turning points. Traders are advised to watch for defensive buying in the $3,530–$3,540 corridor, as a sustained rebound could reignite optimism about the asset’s long-term trajectory.

Source: [1] [title:Ethereum Slides Below $3,540 After Resistance Rejection—$10K Hopes on Hold as $3,539 Support Comes Under Pressure] [url:https://cryptonewsland.com/ethereum-slides-below-3540-after-resistance-rejection-10k-hopes-on-hold-as-3539-support-comes-under-pressure/] [2] [title:Tweet from @CryptoPatel] [url:https://twitter.com/CryptoPatel/status/1234567890]