The article discusses the struggles of Ethereum as bearish forces take control of the market. With Bitcoin also facing a decline, Ethereum failed to sustain its recovery and is now at risk of dipping to $2,400. Factors such as low trading volume, rising gas fees, and record-high ETH supply contribute to the negative outlook. However, there are some bullish catalysts, including significant inflow in ETH from U.S. spot Ethereum ETFs and a drop in ETH supply on exchanges. If Ethereum manages to hold above $2,600 and sentiment shifts, a rebound toward $3,000 is possible, but continued bear dominance could lead to a test of the $2,400 support zone. The article concludes by mentioning the positive sign of ETH being moved to cold wallets, indicating strong accumulation and reduced selling pressure. Overall, while there are some signs of a rebound, the article acknowledges that this is a long-term indicator and may not directly impact short-term price swings.



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