Looking at the price of Ethereum right now, it's around $2.31k and honestly it continues in a pretty clear decline. What catches my attention is that ETH is holding the $1,800 zone as if it were an important level, but meanwhile the recent highs barely reach $2,150. If we really want to see a bullish change, the price of Ethereum needs to break through $2,400 solidly; otherwise, it's just a relief bounce in a larger downtrend.

The interesting thing is that on the 4-hour chart, we are in a fairly narrow range, bouncing between $1,800 and $2,150. The last attempt to go higher was strongly rejected, so for now the pressure remains downward. If the support at $1,850 is broken, the next levels to watch are $1,600 and $1,400. But if we hold $1,850 and manage to recover $2,150 with volume, then we could see movement toward $2,400.

What gives me a bit of hope is seeing that Ethereum staking continues to rise even as the price drops, which means there are convinced investors buying at these levels and locking their ETH long-term. That reduces the available supply, which is bullish. But be careful, the price of Ethereum could keep falling if there is more deleveraging. Only if we recover those key levels while staking continues to grow can we talk about a more serious reversal.