Ethereum Price Decline Continues Amid Bearish Technical Trend

The Ethereum market has been experiencing a downturn in recent weeks, with the price dropping by around 8% over the 30-day period. This decline is part of a broader trend in the crypto market, where prices are falling alongside stocks of technology companies.

The technical analysis suggests that the bearish trend structure is still in place, with key indicators pointing to continued downward pressure on the ETH price. The 50/100/200 EMA (Exponential Moving Average) shows a bearish trend structure, while the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are also indicating a weak momentum.

Furthermore, the derivatives market is also showing signs of weakness, with elevated leverage and open interest remaining close to all-time highs. This has led to multiple points of liquidation, further contributing to the downward pressure on the ETH price.