Ethereum remains in a corrective phase after failing to break convincingly above its all-time high near $4.9K. The price has slipped below key supports, raising doubts about short-term momentum. The coming sessions are likely to determine whether ETH maintains its broader bullish trajectory or enters a deeper correction. ETH Price: Technical Analysis By Shayan The Daily Chart On the daily chart, ETH continues to trade within its ascending channel, though momentum has clearly weakened following the rejection at the channel’s upper boundary. The asset has now pulled back toward the midline support around $4.2K, which has repeatedly acted as a key demand zone. The RSI has declined to around 52, reflecting cooling bullish strength and growing equilibrium between buyers and sellers. A decisive break below $4.2K would likely expose the $3.8K region, which overlaps with the sell-side liquidity pocket and prior consolidation levels. Conversely, if buyers hold this level, ETH could consolidate before mounting another attempt toward the $4.8K resistance zone, keeping the broader bullish structure intact. The 4-Hour Chart On the 4-hour timeframe, ETH has broken below its steeper ascending trendline, though the broader channel midline near $4.2K continues to provide crucial support. This has placed the market in a consolidation range bounded by $4.2K support and $4.8K resistance. The $4.2K demand zone is the key battleground. A breakdown here would confirm a shift in market structure, likely accelerating a move toward the $3.8K area. However, if buyers defend this support and reclaim the $4.6K swing high, momentum could quickly reverse, with liquidity targets at $4.8K and potentially beyond. Onchain Analysis By Shayan Over the past week, Ethereum’s sharp rejection from $4.9K triggered a cascade of long liquidations, sending the price lower toward the $4.2K range. The liquidation heatmap highlights where leveraged positions are clustered, offering insight into which levels are most likely to attract price in the short term. The heatmap currently shows a dense liquidity cluster between $4.8K and $5K, where aggressive short positions were previously trapped. This remains a significant upside target, suggesting that any bullish push could aim to sweep remaining short liquidations in this zone. On the downside, large concentrations of long liquidations have accumulated within the $3.8K–$4.2K range, aligning with key technical support areas. If sellers regain control, these levels could serve as downside magnets, accelerating further corrections. Until one side is decisively cleared, Ethereum is likely to remain in a range-bound, liquidity-driven environment. A breakout above $4.6K would likely trigger a run into the $4.8K liquidity pool, while a breakdown below $4.2K could open the path toward the $3.8K zone.