ETH has been trading in a range around *$4,100–$4,500**, with resistance near $4,500 and support zones closer to $4,000.

Demand is still there: one signal of strength is that ETH supply on exchanges has dropped to near a *9-year low**, indicating accumulation by long-term holders rather than quick flips.

On the flip side, some indicators are pointing at weakening momentum — ETH has failed to hold above certain resistance levels, and short-term selling pressure has caused dropbacks.

Key Technical Levels & What to Watch

Level | Type | Why It Matters

| ~$4,450–$4,500 | Resistance | ETH has been rejected near this area; breaking above might open room toward $5,000+ levels.

| ~$4,000 | Support | This is a major demand zone. If ETH falls below this, downside risk increases significantly.

| ~$3,700–$3,800 | Lower Support / Safety net | If ETH loses stronger support around $4,000, this is the next meaningful level to defend.

Fundamental / On-Chain Insights

Low exchange supply

As mentioned, many ETH tokens have been withdrawn from exchanges. That tends to tighten supply available for immediate selling and can support higher prices if demand resumes.

Accumulation zones

Some investors/hodlers are buying dips, especially around the lower support levels. This can anchor price to avoid freefall and set up potential for rebound.

Macro + sentiment risks

Global cues — like interest rates, inflation data, regulatory environment — are still weighing on the mood. There’s also some comparison pressure from alternative blockchains that are growing in speed or lower fees.

What Might Happen Next (Outlook)

Bullish case

If ETH holds support around $4,000–$4,150 and breaks above resistance near $4,500, we could see it reach $5,000+ in the coming weeks. Momentum could accelerate if both spot and derivatives flows pick up.

Bearish case

If ETH drops below $4,000 with strength (volume, bearish sentiment), the downside could test $3,700–$3,800, or even lower. Weakness might increase if broader markets weaken or regulatory / macro headwinds intensify.