ETH is currently at a critical turning point. Over the past few weeks, the price has been hovering around $2,000, but the real story is that the level it is testing could define the market. Four years ago, the same $1.2K-$1.6K range defined a massive rally—after a successful defense back then, ETH surged 4x. If history repeats itself, it could move well above the all-time high of $4.95K.

Technical signals are interesting. The RSI is moving toward the oversold zone, which typically signals a return of buyers. But here’s the real news—network activity has picked up. At the beginning of the year, transactions fell below 2 million, but they are now rising again. When the price drops yet users keep using the network more, it’s usually a bullish sign.

This month could prove to be defining for ETH. If $1.6K holds as support, buyers could regain control. If it falls, deep liquidity becomes the target. The last time this level was tested, every touch led to a big move.