Ethereum (CRYPTO:ETH) price slid roughly 3.2% over the past 24 hours, extending its pullback from the January peak near $3,390.
The move looks like a routine cooldown on the surface, but underlying signals suggest pressure is building.
ETH remains inside a rising channel that has held since mid-November, keeping the broader structure technically bullish.
Price failed to break the upper channel boundary on December 10, then stalled again after topping near $3,390 on January 14.
The first risk factor comes from weakening momentum rather than a clear structural breakdown.
Between December 10 and January 14, ETH formed a lower high while the Relative Strength Index printed a higher high.
This hidden bearish divergence signals fading price response despite improving momentum readings.
A second divergence appeared between January 6 and January 14, with price making a marginal higher high as RSI turned lower.
Together, these signals point to trend exhaustion risk near the January peak rather than immediate trend failure.