Ethereum is testing a support zone below $2.4K as its correction continues. Buyers have defended the area, but lower highs suggest selling pressure has yet to ease. A close below $2.36K could open a move toward $2.2K.
Ethereum trades near $2.36K, inside a $2.36K–$2.44K demand zone where the lower boundary of the broader ascending channel adds support. Recent lower wicks point to buying interest, but ETH has kept forming lower highs since it lost the channel's midpoint.
Buyers need to reclaim $2.44K
The reactions in the demand zone have not produced a sustained recovery. To show improving strength, buyers must reclaim the $2.44K boundary and then clear the $2.5K–$2.56K resistance area.
Holding the current confluence could support a recovery toward the former consolidation around $2.67K–$2.74K. By contrast, a decisive daily close beneath $2.36K and the ascending channel boundary would raise the risk of a deeper correction toward $2.2K.
The 4-hour chart shows a descending channel
On the 4-hour chart, Ethereum trades within a descending channel after the sharp early-October selloff. Repeated rebounds have failed to break the upper trendline.
Descending resistance now approaches $2.45K–$2.47K, the first important obstacle to a recovery. A sustained breakout above that trendline and the demand zone could allow a move toward $2.5K–$2.58K.
Until then, another test of $2.35K remains possible. Losing that level would expose the recent wick lows around $2.32K, followed by the $2.2K–$2.27K demand zone.
A liquidation cluster sits near $2.2K
The one-month ETH liquidation heatmap shows a substantial estimated cluster around $2.15K–$2.2K, above the psychological $2K threshold. If Ethereum loses the $2.36K zone, further declines could trigger long liquidations as the price nears $2.2K.
However, the cluster represents potential forced-selling exposure rather than guaranteed support or an inevitable price target.
Source: CryptoPotato
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