Ethereum Tests Key Support as Liquidity Clusters Cap Price Between $1,900 and $2,300

Ethereum is trading in a tight range between approximately $1,900 and $2,300, with liquidity clusters compressing price action and repeated rejections near $2,200 and reactions around $1,950. Analyst BrutalBTC notes ETH has formed lower highs within this range after an extended decline, warning that confirmed lower timeframe closes below $1,900 could trigger a breakdown toward a deeper demand zone near $1,850 as clustered stop orders are swept. Analyst CW observes dense orderbook liquidity, with sell walls appearing around $2,100 and strong bids at $1,950, and CoinAnk heatmaps show sharp moves through low-liquidity zones can quickly push price until meeting congested bids, while thick sell-side liquidity above spot continues to restrain recovery attempts. Analyst CryptoJack, citing CryptoQuant data, points to record multi-year exchange inflows in the $2,000–$4,000 band and says this divergence between rising inflows and weaker spot prices signals macro accumulation and long-term positioning even as ETH trades below its 2021 peak and short-term volatility persists.