Ethereum looks a bit shaky within the last day. The price is hovering around 2.32k, which makes me a little worried because it couldn't hold at the 2.4k resistance zone. From a technical perspective, the 100 and 200-day moving averages are still acting as resistance and the price continues to stay below them.

Looking at the 4-hour charts, it becomes even clearer — there was an upward channel before, but that has also broken down. Currently, the 2k level seems to be a critical pivot point. If this level is lost, an Ethereum drop scenario could begin, with a risk of retracing down to 1.8k. Momentum has cooled off significantly, and the RSI is in the neutral zone.

Additionally, leverage ratios have increased, which concerns me a bit. This indicates there are many positions in the system. Since we haven't seen strong demand on the spot basis, sharp movements could occur in either direction. The trend is likely to remain downward as long as buyers can't push above 2.2k. In conclusion, if Ethereum drops continue, we will see test levels of support.