The cryptocurrency market has declined, with the total market cap dropping nearly 3% to around $2.3 trillion. Ethereum (ETH) has mirrored Bitcoin’s struggles, recently falling over 4% to about $2,698. Technically, Ethereum shows a bearish continuation pattern with a recent death cross between its 50 and 200-day moving averages, indicating further downside potential.

The daily RSI remains below 50%, and ETH faces significant resistance at $2,827. If the bearish trend persists, Ethereum could drop to the $2,340 support level. Meanwhile, whale activity has increased, with substantial ETH deposits made to exchanges at a loss, reflecting market apprehension.

In the ETF market, US spot Ether ETFs have seen cash outflows of about 4,926 ETH, led by Grayscale's ETHE. As Ethereum faces these challenges, the coming weeks will be pivotal in determining its price direction.