Ethereum is stuck in a consolidation pattern and lacks conviction to reclaim previous highs without external macro support.

"The Ethereum current price sits around $1,913 today, virtually unchanged from where it traded a week ago and still nearly 61% below the almost $5,000 peak ETH hit back in 2025... this is a chart leaning on macro tailwinds, not conviction, and macro tailwinds can turn just as fast as they arrive."