Right now, Ethereum seems to be stuck. It’s not really going up or down in any meaningful way, just sort of hovering. The price action has been pretty quiet, honestly. It’s caught between some key levels, and nobody’s quite sure which way it’ll break. We’re at a point where things could turn around and head back up, or maybe just keep sliding. It’s a bit of a waiting game.
What the Charts Are Showing
Looking at the daily chart, ETH is still sitting inside that longer-term upward channel it’s been in for a while. It got close to that upper line around $4,900 and then pulled back. Now it’s hanging out near the middle, testing an important support area.
I think the main thing to watch is that zone around $4,200 to $4,300. If it holds there, the overall upward trend might still be okay. But if it cracks, well, then we could be looking at a drop toward $3,800. That’s where some real buying interest might come in. To get bullish again, it really needs to push back toward the top of that channel.
The Shorter-Term View
Zooming in on the 4-hour chart, things look even tighter. Since that rejection at the highs, it’s been making these lower highs, kind of tracing a smaller down channel. But it keeps finding buyers near $4,200, which is interesting.
It’s bumping up against the top of that little channel now. If it can break out, maybe we see a run toward $4,600 or so. If it gets rejected again, though, it could just keep churning in this range. Or worse, test those lower supports. It feels a bit fragile.
Where the Liquidity Is Hiding
It’s not just the technicals. The liquidation heatmap shows a market that’s all coiled up. There’s a ton of leverage stacked on both sides, just waiting to get taken out.
Above the current price, there’s a big cluster of short positions that would get liquidated if price rallies past $4,500. That could fuel a pretty sharp move up if it happens. On the other hand, there are a lot of longs sitting below us, around $4,200 and then again near $4,000. If price falls through that floor, it could trigger a nasty flush downward.
So it’s a real standoff. $4,200 is key support, and $4,500 is the resistance to watch. Whichever one breaks will probably decide the next real move. Until then, it’s probably smart to be careful. This kind of setup is prone to sudden, violent moves that can stop people out before the real move even happens.
