Ethereum Price Prediction: Is ETH’s 7% Weekly Drop Just the Start?
Ethereum is testing a critical support confluence below $2.4K as its correction continues, with buyers defending the area but persistent lower highs suggesting selling pressure has yet to ease.
On the daily timeframe, ETH has declined into the $2.36K–$2.44K demand zone, where the lower boundary of the broader ascending channel provides additional support. The asset is currently near $2.36K, with recent lower wicks indicating buying interest beneath the consolidation.
However, these reactions have not produced a sustained recovery. Since losing the channel's midpoint, ETH has continued to form lower highs, keeping the immediate outlook fragile. Buyers need to reclaim the $2.44K demand boundary and then overcome the recent $2.5K–$2.56K resistance area to demonstrate improving strength.
Short-Term Technicals
The 4-hour chart shows Ethereum trading within a descending channel following the sharp early-October selloff. Repeated rebounds have failed to break the upper trendline, while the latest candles are consolidating inside the $2.36K–$2.44K demand zone.
The descending resistance currently approaches $2.45K–$2.47K, making this the first important obstacle to a recovery. A sustained breakout above both the demand zone's upper boundary and this trendline would interrupt the immediate bearish structure and could allow a move toward $2.5K–$2.58K.
Market Sentiment
The one-month ETH liquidation heatmap highlights a substantial estimated liquidation cluster around $2.15K–$2.2K, above the psychological $2K threshold. The band has remained visible across multiple sessions and is particularly bright near the chart's latest readings.
This cluster becomes especially relevant if Ethereum loses the $2.36K support zone and its broader ascending structure. Under that scenario, further declines could trigger long liquidations as the price approaches $2.2K, potentially accelerating the move into this liquidity pool.
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