Odaily Planet Daily reports that BIT stated on the X platform that Ethereum has broken below a critical technical support level and is currently showing a bearish flag pattern, which usually indicates that the downward trend may continue. It pointed out that a similar structure appeared in January of this year, after which the price fell significantly.

On the funding side, it stated that trading volume remains sluggish, market participation is insufficient, and Ethereum ETFs have continued to experience net outflows since September of last year, with no significant improvement recently. At the same time, the minting of USDC has slowed and turned into net outflows, reflecting that the liquidity within the ecosystem is still unstable. In the context of on-chain activity and DeFi demand not showing significant recovery, the repair of Ethereum demand will still take time.