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.
On-chain data adds a second layer of risk through elevated unrealised profits among holders.
Net Unrealised Profit/Loss sits near monthly highs, even after ETH dropped more than 6% from its peak.
High NUPL levels increase the incentive for profit-taking when technical momentum weakens.
Despite that risk, spot market behaviour remains unusually calm.
Spent Coins Age Band data shows coin movement collapsed nearly 74% since January 14.
Fewer coins moving on-chain suggests no panic selling and strong holder patience.
The third and most immediate risk appears in derivatives positioning.
Binance ETH-USDT perpetuals show long exposure near $3.36 billion versus roughly $1.93 billion in shorts.
This creates a heavily one-sided market with most leverage leaning long.
Liquidation data shows the largest long liquidation cluster sits just below $3,050.
A daily close below $3,050 could trigger cascading liquidations and accelerate downside pressure.
That level also aligns with key channel support that has held since November.
If broken, $2,760 stands out as the next major downside level.
On the upside, ETH must reclaim $3,390 on a daily close to ease bearish momentum signals.
A push above $3,650 would likely be needed to confirm a renewed breakout phase.
At the time of reporting, Ethereum price was $3,210.30.