$ETH under $2,000 isn’t weakness. It’s tension.
And tension is where positioning gets built.
That $2,000 level flipped from support to resistance weeks ago. Every bounce into it gets sold — not because Ethereum is “dead,” but because holders want out at breakeven.
With a large portion of addresses underwater, overhead supply is real.
People hate selling at a loss.
They love selling at neutral.
That alone explains why rallies keep fading.
But here’s what’s interesting…
Whales haven’t panic-dumped. They’ve trimmed gradually.
Meanwhile, smaller wallets keep growing. Distribution is widening.
That reduces single-entity manipulation risk — but it also means a recovery now requires broad demand, not just one big buyer stepping in.
Exchange flows add another layer:
ETH continues moving off exchanges despite price bleeding.
That’s not panic behavior.
That’s cold storage, staking, long-term positioning.
Accumulation-style wallets are absorbing — similar to prior bottoming phases.
No guarantees. Just pattern recognition.
The weak spot? DeFi TVL.
Capital cycling through protocols dropped.
Lower TVL = weaker on-chain revenue.
Until that stabilizes, the bullish case lacks full confirmation.
Institutional angle?
ETH ETFs are underwater — yet still seeing inflows.
That’s allocator behavior, not momentum chasing.
Key levels remain clean:
$1,850–$1,900 support cluster
$1,800 psychological backstop
$2,000 resistance
$2,150 confirmation trigger
$2,400 expansion zone
Until $2,150 is accepted with strength, short-term structure stays defensive.
This isn’t a screaming buy.
It’s not panic territory either.
It’s a positioning phase.
And positioning phases test patience.
Trade Thought / Decision Framework
Under $2,000 = compression.
Acceptance above $2,150 shifts short-term structure.
Failure back below $1,850 opens liquidity below.
Let price confirm — don’t anticipate.
Are you viewing this as accumulation… or distribution before another leg down?
#ETH #BinanceSquare #CryptoMarkets
