I'm observing an interesting thing about Ethereum. Over the past few weeks, the price has been stuck around $2,000 and showing weakness, but what’s noteworthy is that it has reached a significant level that defined the previous cycle. Since 2021, this price has fallen quite a bit — more than 60% down.

From a technical perspective, the situation becomes intriguing. Traders say that the $1.2K to $1.6K range is the area that last defined ETH. If it holds above $1.6K, buyers could regain control. History shows that whenever this level has been defended, a fourfold increase has followed. If that happens again, the price could reach around $4.95K.

There’s another big point — network activity is increasing. At the start of the year, transactions reached 1.2k, then dropped, but now they are rising again. When the price is falling and network activity is increasing, it’s generally considered a good sign. It means people are still using the network, even if the market looks weak. The coming days will be crucial — if this level breaks, the trend could change; otherwise, good things could happen.