Ethereum has staged a rebound toward $2,370 after finding demand near $2,300, but the recovery remains below a broken ascending channel, leaving analysts cautious. On the daily chart, ETH's correction extended into the $2,220–$2,310 demand zone before producing consecutive recovery candles. Buyers are defending the upper portion of this region, though the bearish structure from September’s peak has not been reversed.
The most important obstacle is the $2,470–$2,520 supply zone, which overlaps with the former lower boundary of the ascending channel. Holding above $2,310 could support a rebound toward $2,400–$2,440, but until Ethereum reclaims $2,470–$2,520, the advance appears corrective. A loss of the recent low around $2,280 would expose deeper demand near $2,220.
On the 4-hour chart, ETH is recovering within a descending channel. Immediate resistance sits around $2,390–$2,420; clearing that would bring the upper channel boundary around $2,460–$2,480 into focus. A rejection followed by a loss of the $2,330–$2,350 recovery base could send ETH back toward $2,270–$2,310, with a sustained breakdown under $2,270 favoring a drop toward $2,220.
Liquidation data from Binance’s ETH/USDT heatmap shows notable estimated liquidation concentrations above the price. Bands around $2,390–$2,400 and $2,430–$2,440 could become relevant if the rebound continues, while a larger concentration remains around $2,520–$2,550. A move through the $2,430–$2,440 cluster could trigger short liquidations and accelerate a rebound, though it would not confirm a broader bullish reversal. Below, liquidation pools around $2,270–$2,290 and $2,220–$2,250 could amplify declines if the recovery structure breaks.
Meanwhile, heavy selling pressure remains a key concern. A wallet linked to the Ethereum Foundation sold 2,785 ETH for around $6.42 million, and a separate investor dumped 1,500 ETH after nine years of inactivity. Lookonchain later reported that another Ethereum Foundation-linked investor sold 7,594 ETH, worth approximately $17.8 million, after a year of inactivity. The investor originally bought 200,000 ETH during the initial coin offering at $0.31 per coin, at a cost of just $61,000, and also received 42,654 ETH from the Ethereum Foundation when ETH was trading at $13.82.
BitMEX co-founder Arthur Hayes added to the selling pressure earlier this month, offloading about $22.28 million worth of altcoins, including 6,400 ETH valued at roughly $15.2 million. Analysts remain split: some say reclaiming $2,400 is the first major sign of strength, while MikybullCrypto offered a more bullish target of $3,600 in the short term. For now, the technical trend remains bearish beneath overhead supply.
