Ethereum was rejected near $1,930 and subsequently fell through the 0.382 Fibonacci retracement. The decline has returned ETH to the former resistance area that blocked buyers for almost 10 days before the breakout. That makes the current pullback a direct test of the new market structure. 

HYPE fell 7% to $62.15 on July 16, with the daily low of $61.8 testing the 0.382 Fibonacci retracement. The decline pushed price below its short-term rising structure and returned it to the support that separated the July recovery from a deeper retracement.

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