But yesterday, bulls failed to defend this key level, sending ETH’s price tumbling to $4,193. The chart points to intense selling pressure as the driver of the decline.
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Notably, the Chaikin Money Flow (CMF) has slipped to -0.13, confirming that capital outflows are now outweighing inflows, a bearish signal that highlights weakening demand.
Besides that, the red line of the Supertrend indicator has flipped above the price, flashing a bearish signal. If this setup holds, ETH risks breaking below the critical support at $4,140.
Such a move would make it difficult for Ethereum’s price to reclaim momentum toward the overhead resistance at $4,617, keeping the token under pressure in the short term.
$4,424 Liquidation Zone in Focus
Looking at the liquidation heatmap, a key level to watch for ETH is around $4,424. In simple terms, the heatmap highlights price zones where large-scale liquidations are likely to occur.
When a heavy concentration of liquidation levels builds within a specific range, the market often gravitates toward that zone as liquidity is hunted.
For Ethereum, this means the $4,424 level could act as a magnet, drawing price action toward it as traders’ leveraged positions get tested. However, failure to retest this level could lead to an extended price crash.
However, the key levels to watch lie at $4,232 and $3,253. If bulls can push ETH’s price back to the $4,232 resistance, it might break out toward $5,000.
Conversely, a breakdown below the underlying support at $3,253 could cause an extended crash.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
