The price of Ethereum has experienced a significant decline, reaching $2,600 and down 35% from its peak in December. This drop is attributed to weak demand among investors and the selling activity of Ethereum whales. One notable whale deposited and sold 20,000 tokens, resulting in a remaining value of $134 million. Additionally, Ethereum has lost market share to other blockchain networks in terms of fees earned. The formation of a death cross pattern on the daily chart suggests further downside potential, as it has been a bearish indicator in the past. Ethereum has also invalidated other bullish chart patterns, including an inverse head and shoulders formation, increasing the risk of a strong bearish breakdown. The initial target for potential downside is $2,140, with further potential lows at $1,530. However, a rebound above the 200-day moving average at $3,090 would invalidate the bearish outlook and indicate more upside potential.



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