Recently, Ethereum's performance has indeed been a bit exhausting. The Federal Reserve maintaining interest rates in the 3.5%-3.75% range and ongoing tightening of global liquidity are heavy pressures on risk assets. Institutional investors are also feeling this—Ethereum ETFs have net outflows of $3 billion, and many large funds are actively deleveraging, which is a signal.

From a technical perspective, the situation warrants more caution. The MACD indicator has already turned bearish, with the $2850 level being particularly critical. Once this support is broken, the next support levels are between $2200 and $1800, and this range could face significant pressure. Reports from research institutions directly point to target levels of $1800-$2000. Although this sounds somewhat pessimistic, government shutdowns and uncertain policy prospects do tend to boost market risk aversion.

The Layer 1 (L1) track itself is highly competitive, and regulatory classification is still pending. Plus, given the high correlation between Ethereum and Bitcoin, it has become common for ETH to follow BTC's volatility. In the short term, a strong breakout seems unlikely.

It is advisable not to rush into chasing highs. Wait for a meaningful correction to stabilize, clarify the position, and then consider deploying more cautiously. The risk of holding at high levels definitely exists.