ETH Price Plummets as 'Trap the Bulls' Pattern Forms

The Ethereum (ETH) price has been printing a textbook 'trap the bulls' pattern at $2,436, indicating a potential correction. Retail traders are heavily long, with a 72% position, while open interest is rising despite falling prices.

A dead MACD signal and flatlined momentum further suggest that the market's thrust is stalling. The derivatives picture also indicates bearish divergence, with aggressive sellers dominating real-time flow.

While the broader trend remains constructively bullish, the path of least resistance for the next 24-48 hours appears to be lower. Key levels exposed include immediate support at $2,386 and strong support at $2,335.