Ethereum still hovering around the 0.707 log Fibonacci level—for now anyway. The broader sentiment? It's pretty grim out there.

Here's what's concerning: if we see another leg down, there's a serious support zone brewing. We're talking about where the 0.618 log Fibonacci meets the monthly Ichimoku cloud—that puts us in the $2,500 ballpark. It's the kind of confluence that tends to matter.

Tight range at current levels, but the bearish backdrop makes you wonder if that lower zone is actually on the table sooner rather than later.