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BIT: Ethereum Falls Below Key Support Level, Bear Flag Pattern Reemerges Triggering Downward Alert
According to independent analyst Markus Thielen, Ethereum has broken through a critical technical support level and is currently forming a bear flag pattern, with the price approaching around $2004. This pattern is highly similar to the trend in January of this year, when the price subsequently experienced a significant decline. Caution is advised that this pattern may repeat.
On the capital side, market trading volume remains sluggish, with insufficient participation. Since September last year, Ethereum ETFs have continued to see net outflows, with no recent improvement.
Fundamentally, the new DeFi cycle has not yet started, and signs of on-chain activity warming are not obvious. Recently, USDC minting volume has significantly slowed and turned into net outflows. Liquidity within the ecosystem remains unstable, and structural demand support is still limited.