Ethereum price slides as Peter Brandt warns of further f

As selling pressure mounted, the price of Ethereum fell 4% over the past 24 hours to around $2,744, with veteran trader Peter Brandt warning that the decline in Ethereum may not be over yet.

Brandt points to the collapse of a symmetrical triangle on the 24-hour Ethereum chart. He explains that this pattern, when confirmed, is a well-known bearish signal that often leads to further losses. According to him, this analysis indicates that sellers remain in control, especially in an environment of poor market liquidity and ongoing capital outflows.

These conditions make a recovery for Ethereum more difficult as even small sell orders can push the price down. Brandt added that the lack of strong buying interest means the rally is likely to be short-lived unless market conditions improve. He also placed Ethereum’s weaknesses in the broader market context.

Brandt highlights the orthogonal expansion pattern on the overall cryptocurrency market cap chart. Following the recent market crash, the overall cryptocurrency market value has already fallen to around $2.82 trillion. He warns that if this pattern continues, the overall market capitalization could fall to $2.41 trillion.

ETF outflows and weak sentiment intensify bearish pressure

This would imply a further 15-20% decline from current levels and could continue to put pressure on major cryptocurrencies such as Bitcoin, Ethereum, and XRP. Ethereum’s poor technical outlook is consistent with weakening sentiment across the broader cryptocurrency market. The second-largest cryptocurrency has lost more than 46% of its value over the past few months, reflecting both global macro uncertainty and specific challenges for the cryptocurrency sector.

One of the biggest factors dampening sentiment has been continued outflows from spot Ethereum exchange-traded funds, suggesting institutional investors are becoming more cautious. On Thursday alone, the spot ETH ETF saw net outflows of nearly $156 million.

Fidelity’s FETH recorded the largest withdrawal at $59.2 million, followed by BlackRock’s ETHA at $54.9 million. Grayscale’s ETHE and ETH products also experienced significant outflows of $13.1 million and $26.5 million, respectively. These ongoing buybacks reinforce concerns that institutional demand for Ethereum remains weak in the near term.

Ethereum price has fallen below major support.

Ethereum (ETH/USD) on the 4-hourly is showing a clear change in market structure, with bearish momentum currently dominating following a decisive break below key support levels. Price action highlights a failed recovery attempt that turned into a continuation of strong weakness.

Initially, ETH formed a round bottom pattern, indicating a gradual accumulation phase. This structure allowed the price to rebound towards the upper resistance area around the $3,300-$3,350 area, which previously served as a strong supply area. However, repeated rejections in this area of ​​resistance indicate a weak bullish follow-up, suggesting that the sellers remain firmly in control.

Following the rejection, ETH fell below key support levels near $2,950-$3,000, which served as a demand zone during previous consolidation periods. This break is technically significant because the previous support line has now turned into resistance. This move was impulsive, confirming a bearish breakout rather than a false move or liquidity sweep.

ETHUSD chart analysis. Source: TradingView

Momentum indicators reinforce the bearish bias. RSI (14) has fallen to the lower range and remains near oversold territory, but there is no bullish divergence in sight. This means that selling pressure is still active and a near-term bounce could be a correction rather than a trend reversal. RSI’s failure to regain the 50 midline further confirms bearish control.

Structurally, ETH is now forming lower highs and lower lows, a typical downtrend signal on the 4-hour chart. An extended bearish candle after a support break indicates strong selling participation rather than a weak retail driven movement.

The next key area to monitor going forward is around the $2,650-$2,700 area, which could act as a temporary demand zone or pause zone. Failure to maintain this level could extend downside risks into deeper areas of liquidity. The positive is that any recovery attempt is likely to face resistance near the broken $2,950-$3,000 support zone.

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