ETH is around 1,875 u now. Today it’s down 3.7%, though this drop came off the high level. In the past 24 hours, it even reached as high as 1,974—this is the closest it’s been to 2,000 during this period.

After it surged to around 1,974, it was directly slammed back. It dropped nearly $70 in a day. This kind of path—rising higher and then falling harder—suggests that the 2,000 level is indeed topped with a substantial amount of sell orders from traders looking to exit. The moment it gets close, people start dumping to cash out.

From a weekly perspective, it’s down—about 1.2%—but on a monthly basis the gains on the books are still close to 20%. The monthly chart’s underlying support remains solid. It’s just that this attempt to break through is closer than in the previous few tries, yet it gets knocked back even faster, which has begun to drain sentiment.

At this level, if it can hold the 24-hour low of 1,876, it will most likely return to the same kind of range-bound trading as before and keep waiting for the next opportunity to attempt another breakout. If it breaks below 1,876 and moves lower, then we may need to look at even lower levels to see where it can stabilize. If you’re holding positions, don’t panic over the next couple of days—the monthly trend hasn’t turned bad. Chasing at this spot should be done cautiously; wait for a clearer stabilization signal before taking action. #eth $ETH