From a technical perspective, ETH shows a downward trend across multiple timeframes: moving averages are in a bearish alignment, MACD momentum is weakening, trading volume is shrinking, and short-term bullish sentiment is limited. The RSI has entered oversold territory, and after continuous market declines, there is potential for a "rebound," but if support levels are broken, further decline may occur. On the news front, ETF outflows, whale defense operations, and options expirations have all intensified market volatility. However, some institutions and companies remain optimistic about Ethereum's long-term development and have staked a large amount of ETH, which provides some support at the bottom.