Looking at the hourly chart overall, $ETH is in a mid-term downtrend, with short-term consolidation at low levels.

The price is around $2008, with a 24-hour decline of approximately -2.71%, and the intraday low touched 1968.8, briefly breaking below the psychological level of 2000. Over the past 90 days, it has fallen more than 31%, indicating significant medium-term pressure.
Technical multi-cycle signals
4-hour moving averages: MA7 < MA30 < MA120, a standard bearish alignment, with an obvious downward trend, and the ADX above 33, indicating a strong trend.
Daily chart: CCI and WR are both in oversold zones, with the SAR below the price, serving as a reference for a potential long-term stop-loss—meaning there are technical conditions for a rebound on the daily chart, but not a reversal signal yet.
15-minute chart: RSI overbought, CCI overbought—this short-term rebound is somewhat overheated, with potential for a pullback in the near term.

The overall trend remains bearish for now. The price just rebounded from the low of 1968, but whether it can hold above 2000 is critical.
However, a few things to note:
1. BlackRock clients have been continuously reducing their ETH ETF holdings, with net outflows from institutions recently.
2. Yesterday’s geopolitical event (related to Iran) triggered a short-term crash, evaporating about $72 billion in the crypto market within 4 hours.
3. BitMine is operating in the opposite direction, continuously increasing ETH holdings, with a total position exceeding 4.66 million coins, and launching an institutional staking platform—considered a medium- to long-term positive signal.

Current market sentiment is polarized: 48% negative, only 39% positive. The discussion volume over the past three days has halved compared to the previous week, with a market filled with wait-and-see and pessimistic emotions.

In the short term, $2000 is a key support level. If it can hold and volume increases to recover 2050, there’s a chance to attempt to break through the liquidation zone at 2077; if it falls back below 1970, further downside should be watched carefully.
Finally, brothers, it’s better not to trade if you can avoid it. Wait for the situation to stabilize.