$ETH held the support line and Fibonacci support on the monthly chart. The current area is now the decision zone between a normal correction and a deeper trend breakdown.

If the monthly close comes below this area, the technical setup would weaken significantly. If this area is protected, the current pullback in ETH can still be read as a correction within the long term rising structure.
If price holds here, leaves a wick on the monthly candle, and turns back again, the market will have priced this area as strong dip buying.
This setup shows that the market is pricing something. If support breaks, the market may likely start a longer and more exhausting bottom formation