MMattL2

$ETH Technical Analysis & Market Context Ethereum is currently trading near $2,038, pulling back within a rising channel on the 4H timeframe. Price has respected the channel structure well, but recent candles show bearish pressure after rejection near the upper trendline (~$2,120-$2,150). The current move is a retest of the mid-channel support zone, which aligns closely with the $2,020-$2,040 demand area. A sustained hold above this level could open room for a bounce toward $2,100+, while a breakdown below may expose $1,940 as the next key support. From a market perspective, broader crypto sentiment remains cautious as traders react to Bitcoin weakness and reduced risk appetite, while Ethereum continues to see mixed flows amid ETF related positioning and pre upgrade speculation. Volatility remains elevated patience and confirmation are key at these levels. #WhaleDeRiskETH