Ethereum’s price struggles near $2,000, facing a significant weekly decline. Analysts note the asset is testing a critical historical price zone and point to a recent increase in network activity as a potential bullish signal, citing data showing daily transactions have risen.
Ethereum has seen another weekly decline of about 4% as it continues to battle for the $2,000 level. The second-largest cryptocurrency now trades more than 60% below its 2025 all-time high of nearly $5,000.
Analyst Merlijn The Trader stated that Ethereum is entering the zone that decided the last cycle. He pointed out that four years ago, ETH bottomed after sweeping liquidity in the $1,200 to $1,600 range, an area it is currently testing again.
The analyst added that if the $1,600 level holds, buyers could regain control. However, falling below it could target deeper liquidity, according to his assessment.
In a subsequent post, Merlijn doubled down, calling it a make-or-break level near $2,000. “Each touch led to a major move,” he noted regarding a long-respected trendline.
Meanwhile, another analyst, CW, highlighted a pickup in Ethereum’s network activity after a decline earlier this year. Daily transactions peaked above 2.5 million early in the year before dropping below 2 million, but have since climbed back above that level.
CW shared data showing transactions are already well above last year’s levels. “Despite the price decline, the network is becoming more active,” the analyst stated.
