ETH worth $1,855—are you still holding?
First, look at the surface: the decline won’t stop, and faith is collapsing.
On August 2, ETH is quoted at $1,855; over the past 24 hours it’s moved slightly, and the weekly chart is still chopping in the lower range. Since the historical high of $4,953 in August 2025, it’s fallen more than 60%. The daily chart is testing near the lower edge of an upward channel; 1,820-1,835 is a strong demand zone. The oscillators are neutral, and on the 1H chart there are signs of a potential bottom divergence: support is coming, but it needs confirmation.
First thing: retail is in despair, but institutions are going crazy “buying the dip.”
You scroll through Twitter every day—“ETH is not doing well,” “V God isn’t working,” “L2 is sucking blood”—sounds like the end of the world? But look at the on-chain data:
BitMine and other companies keep accumulating ETH in large amounts, with targets approaching 5% of supply
Staking ratio is already above 30%, and circulating supply keeps tightening
US spot ETH ETFs show small net inflows, with BlackRock-related products leading the buying
Second thing: ETH is going through a “transformation period,” you just don’t have patience.
The GlAmsterdam upgrade is targeted to land in the second half of 2026, focusing on:
Faster, cheaper transactions, with L2 fees dropping again
Higher staking yields, making institutions more willing to lock up
A major boost to the mainnet’s value-capture ability
But the problem is—there’s upgrade delay risk, and in the short term there are no strong catalysts.
Third thing: a technical signal has appeared that must be taken seriously.
The 1,835-1,850 area is the lower edge of the upward channel plus a strong demand zone. The 1H chart shows a potential bottom divergence; RSI is neutral, but the histogram has flipped positive. At the 1,850 level, bulls and bears have been stuck in a three-day chop with volume shrinking to the extreme—an inflection is imminent.
But August data is packed: August 7 jobs report (non-farm), August 12 CPI, and the end-of-month Jackson Hole. Every cut could slice into your position.
Bulls vs bears—you decide for yourself
One side is:
Enterprise-level accumulation (like BitMine) approaching 5% of supply
Staking locks exceed 30%, and circulating supply tightens
ETF small net inflows, and BlackRock is buying
1,835-1,850 strong demand zone + support at the lower edge of the channel
Potential bottom divergence on 1H
The other side is:
Down from 4,900 to now, down more than 60%, with massive trapped-position sell pressure
FOMC hawkish hold steady (3 people lean toward rate hikes)
Inflation stickiness at 3.3%-3.7%, with real yields relatively high
Very high uncertainty in August data
GlAmsterdam rollout has delay risk, with no strong short-term catalyst
Key levels
Resistance overhead: 1,875-1,905 (EMA cluster and channel midline) → 1,920-1,955 → 1,980
Support below: 1,820-1,835 (strong demand zone) → 1,780 → 1,720
For short-term traders:
Test long with a light position around 1,855 or on a pullback to 1,835-1,850; stop-loss at 1,820; first target 1,875-1,905, second 1,920-1,950. If it breaks and holds above 1,900 on increased volume, add and look toward 1,980.
For the more cautious:
Wait to place orders to buy in the 1,820-1,835 area; stop-loss at 1,780. The odds are extremely high, but you only do it once.
For short / high-throw thinking:
If it rebounds into 1,900-1,920 or around 1,950 and meets resistance, you can lightly test a short; stop-loss above 1,955-1,980; target a move back to 1,850-1,820.
ETH is down 60%—this isn’t a sign of faith collapsing; it’s fear discounting and selling you a quality asset.
But you need to be clear: the current price isn’t driven by on-chain prosperity—it’s determined by the Federal Reserve.
If August data skews dovish, ETH could surge to 2,200; if it skews hawkish and 1,820 breaks, look for 1,600.
So my plan is simple: lightly test long around 1,855; if 1,820 breaks, exit. Hold for 1,980-2,200; if I’m wrong, take a 3% loss and leave.
ETH right now is like BTC at the end of 2022—
99% of people thought “smart contracts are done,” and the result was ETF + institutions directly pulling it up.
Not all gradual declines are going to zero—some are just darkness before dawn.
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