Ethereum Price Hits Resistance, Faces High Risk of Pullback

The Ethereum price has reached an overbought level and may be running out of road. The ETH price touched $2,513, precisely the immediate resistance level, but got rejected, closing the session down nearly 2%. This is not noise; it's a clear message from the market that the easy money from the recent recovery has already been made.

According to the source, the retail crowd is leaning heavily long, with 70.3% of small account positioning being bullish. However, smart money is running a measurably different book, with top traders sitting at 56.6% long, which is 14 percentage points less convicted than retail.

The technical indicators are flashing yellow, and they deserve respect. Momentum has flatlined completely, the MACD histogram sits dead at zero at the highs of a multi-week rally, and the RSI is grinding in the upper 70s, well into overbought territory.