Market context
Ethereum spent the past two weeks giving back ground. Price slipped from the upper $2,300s into a $2,070 low before reclaiming $2,113 by Sunday, according to CoinMarketCap data cited by NewsBTC. The drawdown coincided with broader risk-off pressure that CryptoPotato linked to a failed reclaim of the 100-day moving average and the lower edge of ETH's prior consolidation range.
The macro overlay matters here. TradingView analyst Lingrid attributed part of the week's pressure to structural adjustments by the Federal Reserve under newly appointed Fed Chair Kevin Warsh, a hawkish read that has tightened liquidity expectations across digital assets. Bitcoin is feeling it too: BTC traded at $75,514 as of Friday, down 2.56% on the day, and Axel Adler Jr. flagged that it sits below the short-term holder cost basis of $80,217, with net realized profit at roughly -$176 million.
Ethereum's setup looks different from Bitcoin's. BTC is bleeding below STH cost basis with Coinbase Premium Gap deeply negative, the heaviest US-led selling pressure since February per Maartunn. ETH, by contrast, is consolidating above a long-term rising macro support line that Lingrid identifies as the structural floor. The two largest assets are telling different stories, and that's worth pricing.
Technical setup
On the daily, ETH broke down from what Lingrid calls a primary shaded wedge pattern, triggering a leverage flush down to $2,070. Her read: the move did its job. Overleveraged longs are out, and the macro rising trendline beneath spot held. She frames $2,100 to $2,135 as the accumulation zone, with $2,040 as the invalidation stop and $2,300 as the upside target on a reclaim of the broken structure.