Ethereum (ETH) is currently facing a challenging market environment where onchain data suggests a potential rally up to $4,500. However, bearish RSI divergence indicates a risk of short-term corrections. Since December 2025, ETH has struggled to break through the $4,000 resistance, a level that traders are closely monitoring. The onchain metrics highlight a target around $4,500, which historically acted as a ceiling during previous cycles. With Ether perpetual futures volumes surpassing Bitcoin, a significant shift in market focus to ETH is noted. Notably, increasing liquidations above $4,000 may prompt a rapid surge toward the $4,500 mark. On the other hand, bearish divergences and a lack of strong follow-through in price movements raise caution about potential corrections, with immediate support around $3,700 and longer-term levels at $3,200 to $3,300. This situation presents complexities for traders as they navigate potential risks amidst bullish signals.

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