The analyst discusses Ethereum and its recent performance. Ethereum was relatively weak with a dump on Monday followed by another dump on Thursday. Yesterday there was some recovery, but Ethereum still looks weak. The analyst is watching the Ethereum validator queue, tracking ETH wanting to become or exit being a validator. If all of this Ethereum is to be sold, that is fundamentally bearish. The 12-hour uptrend has been lost, as has the daily uptrend. The best case is consolidation, but the fundamentals exert bearish pressure. The most likely case for Ethereum is to drop to the 3800-3600 level, with some stability and then a move back into the 4100 range, possibly 4200. A drop to 3000 is possible, given the uncertain environment.