BIT: ETH breaks below key support level; bearish flag pattern may continue the downtrend.

BIT, in a post on the X platform, stated that Ethereum has broken below a key technical support level and is currently exhibiting a bearish flag pattern, which typically indicates a potential continuation of the downtrend. They pointed out that a similar structure appeared in January of this year, followed by a significant price decline. Regarding liquidity, they noted persistently low trading volume, insufficient market participation, and a continuous net outflow from the Ethereum ETF since September of last year, with no recent significant improvement. Simultaneously, USDC minting has slowed and turned into a net outflow, reflecting the still unstable recovery of liquidity within the ecosystem. Given the lack of a significant rebound in on-chain activity and DeFi demand, Ethereum's demand recovery will still take time.