Ethereum remains in correction after failing to breach all-time highs. Key levels of support and potential movements are crucial in this context.
Technical Analysis of ETH Price
On the daily chart, ETH continues to trade within its ascending channel, but momentum has clearly weakened following the rejection at the channel’s upper boundary. The price has slipped below key support at $4.2K, raising doubts about short-term momentum. The RSI has declined to around 52, reflecting cooling bullish strength and equilibrium between buyers and sellers.
4-Hour Chart Analysis
On the 4-hour timeframe, ETH has broken below its steeper ascending trendline; however, the broad channel midline near $4.2K continues to provide crucial support. The market is in a consolidation range between $4.2K support and $4.8K resistance. Notably, $4.2K is the critical battleground.
Liquidation Data
Over the past week, Ethereum's sharp rejection from $4.9K triggered a series of long liquidations, sending the price down towards the $4.2K range. The liquidation heatmap highlights a dense liquidity cluster between $4.8K and $5K, reflecting previously trapped aggressive short positions. On the downside, substantial concentrations of long liquidations have accumulated within the $3.8K–$4.2K range, coinciding with key technical support areas.
At this point, Ethereum is likely to remain in a range-bound environment, with a breakout above $4.6K potentially leading to a rise towards $4.8K, while a breakdown below $4.2K could pave the way to the $3.8K zone.
