I just looked at the ETH price trend, and it’s currently stuck around $2.31K. Compared to the previous expected breakout point of $2,450, it’s definitely weaker. I noticed that open interest has cooled down from the peak of $6 billion—this is actually a good sign, indicating that the earlier over-leveraging situation is being corrected.

Now the most critical thing is whether we can hold the $2,200 support. If Ethereum’s price can stay firmly at this $2,200 level, there’s still a chance to probe $2,450–$2,500. I’ve also noticed that spot fund flows have recently shifted a bit—people are picking up positions at the lows, which is usually a sign that a rebound may be coming.

But honestly, if the ETH price drops below $2,100, it would be a problem—it could directly pull back to $1,850. Right now, it’s just churning in a very narrow range, waiting to see who can break the deadlock first. In the short term, we still need to focus on this $2,200 line, as well as whether the $2,450 level above can truly hold and break through.