Ethereum is currently hovering around $1500, which is seen as a key support for this round of trend. The sustained decline in the past few months has significantly lowered market sentiment and prompted the gradual clearance of high leverage positions. The current focus is whether this position can attract new buying returns. From the weekly structure, ETH has returned to the historically concentrated trading support area. This area has served as a price equilibrium zone multiple times in the past, making it particularly important for determining the direction of the next stage. There is a significant amount of pending liquidity gathered below the current price. If $1500 falls, the price may drop faster to around $1100 to $1300. Relatively speaking, there is also a high concentration of liquidity in the $2500 to $4000 range above, and if buying resumes, these positions may become target ranges again. $1500 is currently one of ETH's most important defenses. If this position is held and spot buying begins to improve, there is a chance for the price to reopen the space towards $2500. But if the support is effectively breached, the market may continue to seek support in areas with lower liquidity, meaning that the risk of a deeper downturn has not yet been lifted. Overall, there are some signs of easing in short-term technical indicators, but the true direction is still determined by whether spot funds are flowing back.