Ethereum at Critical Support

🔷Ethereum is consolidating at $4,270 after retreating from a recent $4,480 peak. The sharp July–August rally has given way to a technical correction, with sellers testing the strength of the $4,200 zone — an area aligned with key EMAs and liquidity levels. Indicators point to oversold conditions on lower timeframes, but MACD and Supertrend maintain a bearish slope, reflecting ongoing downside pressure.
🔷On-chain data underscores the tension: a $245 million outflow earlier this week coincided with the local pullback. The market is now balancing near the crucial $4,200 mark, which could trigger either a rebound toward $4,350–$4,480 or a deeper drop to $3,950–$3,800. In the short term, ETH leans toward cautious downside, but as long as it holds above $3,800, the broader trend remains bullish — suggesting this phase is more consolidation than reversal.