On-chain data suggests Ethereum may face further downside pressure as both whales and retail buyers show signs of fading conviction. Large holders have reduced their positions by roughly 180,000 ETH in recent days, while the Money Flow Index shows weakening buying strength despite earlier price gains.

The key level to watch is the $1,970 support zone. A break below this level could open the door to further declines toward $1,910, $1,830, and potentially $1,650. Unless ETH can reclaim strength above $2,050, current indicators suggest the market may struggle to sustain its first monthly gain in months.