Ethereum is holding above a new buy wall near $1,960 to $1,980, but sell pressure remains stacked above price. Analysts now point to $2,120 and $2,230 as the next resistance levels ETH must clear before a stronger recovery can build. Ethereum Price Holds Strengthened Support as ETH Faces $2,120 Sell Wall Ethereum is holding above a new buy wall as analyst CW says the support line has strengthened on the four hour chart. The chart shared on X shows ETH trading near the $2,017 area, with a green support zone below price and red sell walls above the market. Ethereum Whale Order Chart. Source: CW on X The nearest support zone sits around the $1,960 to $1,980 area. CW said a new ETH buy wall has formed there, which means buyers have placed larger orders below the current price. That support matters because ETH recently bounced from the same lower area after a short term drop. The new buy wall suggests buyers are still defending that zone. On the upside, the first sell wall sits near $2,120. That area could act as short term resistance if ETH moves higher. The chart also shows another sell wall near $2,240. That level is the next major resistance zone above the first wall. If ETH holds the strengthened support, price could attempt another move toward $2,120. However, a rejection from that sell wall would keep ETH inside the same lower range. A break below the buy wall would weaken the short term setup and bring lower support zones back into focus. For now, the chart shows ETH between fresh buy support and stacked sell pressure above. Ethereum Heatmap Shows Short Resistance Near $2,230 After Long Liquidations Ethereum long positions have been almost cleared out after the latest decline, according to a liquidation heatmap shared by CW on X. The analyst said the first major short position resistance level now sits around $2,230. That means ETH may face pressure if price rebounds toward that zone. Ethereum Liquidation Heatmap. Source: CW on X The heatmap shows ETH falling from the $2,300 to $2,400 area toward the lower $2,000 range. As price moved lower, long positions were gradually liquidated, reducing downside liquidity below the market. CW said long positions on ETH have been nearly liquidated. This suggests that much of the leveraged long exposure has already been flushed out during the recent move. The first important upside level now sits near $2,230. The chart shows a liquidity cluster around that area, which could act as short position resistance if ETH starts to recover. Above that level, the heatmap also shows larger liquidity bands around $2,300 to $2,450. Those zones may become relevant only if ETH first clears the lower resistance near $2,230. For now, the chart shows ETH below its first major short resistance. A move toward $2,230 would test whether sellers defend that area or whether a short squeeze begins to build.
