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Ethereum traded in a volatile range as liquidity clusters shaped short-term price action. Recent data indicated weakening momentum after a failed breakout, even as on-chain activity reached record levels during a difficult first quarter.
Ethereum’s recent structure appeared more liquidity-driven than a sustained directional trend. Price moved from the $2,200 area toward $2,380, then shifted into a tight consolidation phase.
A brief breakout attempt near $2,450 was followed by fading momentum, leading to a controlled decline toward the $2,300 range.
A market update by Ted Pillows highlighted heavy liquidation clusters influencing price behavior. The update described Ethereum as weak, pointing to major long liquidation zones concentrated around $2,200. It also referenced short-side liquidity between $2,450 and $2,480 as a potential final upward move before rejection.
Heatmap-style liquidity levels showed concentrated leveraged positioning, which often draws price toward levels where liquidations can be triggered. Resistance was identified between $2,480 and $2,520, where the price faced immediate rejection. Support zones between $2,280 and $2,320 were described as near-term “magnet” areas.
As price moved lower, long positions began to unwind. The $2,300 to $2,450 range remained active, with repeated moves targeting both sides of the market.
Despite pressure on price, Ethereum’s network activity expanded sharply. The network recorded over 200 million transactions during the first quarter of 2026, one of the highest usage periods despite Ethereum’s 32% decline over the same timeframe.
Meanwhile, ecosystem developments continued. Ethereum Name Service integrated with PayPal, allowing users to send funds using simplified name-based addresses to improve accessibility for mainstream users. Safe also introduced a beta version of its wallet intended to function as a pre-execution security layer, while Silo Finance launched its V3 upgrade focused on improved lending safety in decentralized markets.
Price outlook remained linked to liquidity levels. Holding above $2,280 could support a move back toward $2,400 and higher resistance zones. A breakdown below $2,280, by contrast, may trigger a sweep toward $2,200, where deeper liquidity is positioned.
Overall market conditions reflected a balance between technical pressure and underlying network growth, leaving price action sensitive to leveraged positioning while broader adoption trends develop in the background.

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