Ethereum is testing this super critical support zone below $2.4K while the correction keeps dragging on fr. Buyers are holding the line with some sharp bounces rn but those lower highs are screaming that selling pressure ain’t easing up yet 🖤.
Daily Chart Chaos 🌑
On the daily timeframe ETH has slid right into that highlighted $2.36K–$2.44K demand zone where the ascending channel’s lower edge adds extra support vibes. The asset is chilling near $2.36K with recent wicks showing buyers lurking underneath the consolidation 💀.
Those quick reactions haven’t sparked any real sustained bounce tho. Since slipping past the channel midpoint ETH keeps printing lower highs which makes the near term outlook look kinda fragile. To show real strength buyers gotta reclaim the $2.44K boundary first then smash through the $2.5K–$2.56K resistance zone.
Holding this confluence spot could fuel a climb toward the old consolidation around $2.67K–$2.74K. But a firm daily close under $2.36K and the channel line would break the bigger recovery setup raising risks of a deeper dive toward $2.2K.
4 Hour Descent Vibes ⚰️
The 4 hour chart has ETH trapped inside a descending channel after that sharp early October selloff. Multiple rebounds keep failing at the upper trendline while latest candles are consolidating inside the $2.36K–$2.44K demand area 👻.
Descending resistance is nearing $2.45K–$2.47K making that the first big hurdle for any recovery. A solid break above the demand zone top and this trendline would pause the bearish move and open doors toward $2.5K–$2.58K.
Until then another test of $2.35K stays possible. Losing that would expose wick lows near $2.32K followed by the $2.2K–$2.27K demand zone. The channel’s bottom edge lines up there too making it key if the drop extends further.
Sentiment Heatmap Spooks 🔮
The one month ETH liquidation heatmap shows a huge cluster around $2.15K–$2.2K sitting above the $2K psychological mark. This bright band has stayed visible over sessions hinting at major liquidation exposure below current prices 🦇.
It gets extra spicy if ETH drops the $2.36K support and the ascending structure. Further declines could trigger long liquidations near $2.2K speeding into that liquidity pool.
Its closeness to the $2.2K–$2.27K technical demand adds weight to the zone but remember it signals forced selling risk not guaranteed support. A steady climb above nearby resistance would drop its relevance while ongoing weakness keeps it in focus.
Just another echo from the void by iconofsin.eth 💖
