BIT: ETH Breaks Below Key Support Level, Bear Flag Pattern May Extend Downtrend

Odaily News BIT posted on platform X, stating that Ethereum has broken below a key technical support level and is currently showing a bear flag pattern, which typically indicates a potential continuation of the downtrend. It pointed out that a similar structure appeared in January this year, followed by a significant price decline.

Regarding capital flows, it noted that trading volume remains persistently low, indicating insufficient market participation. Furthermore, Ethereum ETFs have seen continuous net outflows since September last year, with no significant improvement recently. Meanwhile, the pace of USDC minting has slowed and turned into net outflows, reflecting that the recovery of liquidity within the ecosystem remains unstable. Against the backdrop of no significant rebound in on-chain activity and DeFi demand, the repair of Ethereum's demand still requires time.