Gate News reports that on March 30, an analyst from a certain institution pointed out that Ethereum has broken below a key technical support level and is currently exhibiting a bearish flag pattern, which typically indicates that the downtrend may continue. The analyst noted that a similar technical structure appeared in January of this year, after which the price saw a significant decline. On the funding side, trading volume remains persistently low, market participation is insufficient, and Ethereum ETFs have experienced continuous net outflows since September of last year, with no significant improvement recently. At the same time, the minting of USDC has slowed down and turned into net outflows, reflecting that the recovery of liquidity within the ecosystem remains unstable. Under the backdrop of on-chain activity and DeFi demand not showing significant recovery, the demand for Ethereum will still require time to repair.
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