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.
If momentum continues to cool, Ethereum becomes more exposed to a deeper support test.