At the start of 2025, the narrative was clear:
“ETH to $10,000.”
Reality?
Ethereum peaked near $4,956…
failed to break previous highs decisively…
and is now trading around $2,000.
That’s not breakout behavior.
That’s rejection.
On the monthly structure:
• $4,956 = cycle ceiling (so far)
• $3,000 = reclaim level for bullish continuation
• Below $2,000 = macro caution zone
Strong bull markets don’t hesitate at all-time highs.
They expand.
So here’s the real question:
Was $4,956 the cycle top…
or is $ETH building for a delayed breakout?
Narratives are loud.
Structure is honest.
What do you see?