Looking at Ethereum’s weekly chart lately, it’s hard not to feel a bit cautious. ETH recently lost the $2,000 level, which for a long time acted like a safety net both a psychological and technical anchor. Seeing it fall below that makes the market feel… tense.
For me, it’s a signal that bullish momentum isn’t just slowing, it’s structurally shifting. Major moving averages that once offered support are now looming overhead as resistance, and that alone makes me step back and rethink any long positions.
Earlier in the cycle, price tried to push through the $3,000–$3,500 zone but kept getting rejected, forming a series of lower highs. To me, this paints a picture of a market in transition rather than one on autopilot toward another rally. The fact that this decline is happening with higher-than-normal trading volume hints at distribution people letting go of positions more than buyers stepping in, which makes me personally a bit cautious about chasing dips.
Technically, I’m watching the $1,600–$1,700 area closely. It’s where Ethereum found demand in prior consolidation phases. If it holds here, the bigger picture isn’t ruined, and there’s room for stabilization. But if it breaks, I’d be bracing for a deeper retracement.
I also can’t ignore the bigger picture. Macro liquidity conditions, derivatives positioning, and general crypto sentiment still have a huge influence. From my perspective, a genuine recovery will likely need renewed demand and a reclaim of key technical zones. Until then, I’m treating Ethereum as a market that’s showing vulnerability rather than opportunity.
