Ethereum is currently trading near $4,185 across different exchanges. This represents a 3.9% to 4.2% decrease over the past 24 hours.
The price drop comes after a week of tight trading ranges. Ethereum has repeatedly failed to break past the $4,500 level.
Technical analysts view $4,500 as a critical zone for renewed bullish momentum. Support has held just above $4,200 so far.
The broader crypto market has mirrored Ethereum’s struggles. Bitcoin also dropped during the same period.
A market-wide selloff triggered liquidations exceeding $1.7 Billion in the altcoin sector. This selling pressure added to Ethereum’s downward movement.
The price decline comes after persistent net outflows from crypto ETFs in the U.S. Macroeconomic indicators have revealed ongoing inflationary concerns.
The possibility of rate hikes from the Federal Reserve has added caution to markets. These factors have contributed to the current price pressure.
On-chain data continues to show Ethereum withdrawals from exchanges. This trend is interpreted as long-term holder accumulation.
More than 420,000 ETH reportedly left exchanges this week. This movement fuels optimism for supply-side tightening.
However, immediate sentiment remains cautious due to fears of further price corrections. The contrast between exchange outflows and price decline shows mixed market sentiment.
Long-term holders appear to be accumulating during the price weakness. Short-term traders remain more cautious about the immediate outlook.
From a technical perspective, Ethereum is hovering just below the 20-day EMA. It remains above its 200-day EMA, creating a mixed signal.
The price is stuck between $4,000 support and $4,800 resistance. This area of congestion is seen as pivotal for the near-term trend.
The RSI has dipped toward 41, suggesting bearish momentum may continue. A further slip could push the price down to retest major supports.
Analysts point to the $4,200 to $3,800 range as potential support levels. Some warn of a possible correction toward $3,700–$3,800.
This echoes patterns seen in previous cycle consolidations. However, longer-term forecasts retain a bullish outlook.
Prominent strategists see any further pullbacks as potential accumulation opportunities. The case for a resumed rally toward $10,000 ETH later in the cycle remains intact.
This bullish view assumes the current turbulence will eventually subside. The next 24–48 hours could prove decisive for the immediate direction.
The consensus is that Ethereum’s next move will depend on whether support above $4,000 holds firm. Macroeconomic headwinds, including ETF flows and global market sentiment, will also play a role.
Any breach below the $4,000 zone may invite heavier selling. This could shake out weaker hands from their positions.
However, sharp rebounds are not out of the question if accumulation trends persist. The large exchange outflows suggest strong underlying demand at these levels.
The post Ethereum (ETH) Price: Holds $4,000 Support as $1.7B Liquidations Sweep Market appeared first on CoinCentral.
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