Ethereum Price Analysis: ETH Stopped at $3.2K, Another Big Crash Coming?

Ethereum’s recent rally has stalled at the $3.2K resistance zone, where heavy selling pressure led to a clear rejection.

The asset is now trading within a narrow consolidation range, and the next decisive breakout will likely dictate the next big move.

Technical analysis of Ethereum

By Shayan

The daily chart

Ethereum’s recovery from the $2.6K support zone extended into a key supply area, where a daily FVG is converging with a long-standing downtrend line near $3.2K.

This confluence attracted significant sales interest, halting the advance and prompting a sharp rejection. The pullback has also resulted in the formation of a daily lower low, keeping the broader structure bearish.

This shift has increased the possibility of a deeper retracement, making the $2.6K support zone the prime downside target.

For now, Ethereum remains range-bound, and a breakout from this tight structure will likely determine the next dominant trend.

The 4-hour chart

On the 4-hour chart, Ethereum initially broke above the declining short-term trendline and moved higher.

However, strong supply in the $3.2K region triggered a reversal, sending the price back to a critical support area consisting of a bullish order block overlapping a previous breaker block.

This layered confluence increases the likelihood of a response in this zone, making it a decisive level in the short term.

As a result, the market continues to fluctuate within the broader range of $3,000 – $3.6,000, indicating that more consolidation is likely before a clear direction emerges.

Sentiment analysis

By Shayan

The weekly liquidation heatmap shows that the recent rejection was accompanied by a shakeup in the liquidity pool, which is just below the market low of $3032, tying up buy-side liquidity.

Such liquidity grabs often precede a new upward phase, as the market looks for larger amounts of liquidity.

Currently, the next major cluster is around the $3.3K region and is acting as a natural price magnet after the recent sweep. From a supply and demand perspective, this positions Ethereum for a short-term upward move toward that zone before a broader correction resumes.