BIT: Ethereum Breaks Key Support Level, Bear Flag Pattern Reemerges Triggering Downside Caution

Deep Tide TechFlow reports, on March 30, according to independent analyst Markus Thielen, Ethereum has broken a key technical support level and is currently exhibiting a bear flag pattern, with the price hovering around $2004. This pattern is highly similar to the trend observed in January this year, during which the price subsequently experienced a significant decline. Caution is advised as this pattern may repeat itself. On the capital side, market trading volume remains sluggish, with insufficient participation interest. Ethereum ETFs have seen continuous net outflows since September last year, with no recent signs of improvement. On the fundamentals side, the new DeFi cycle has yet to begin, and there are no clear signs of recovery in on-chain activity. Recently, USDC minting volume has slowed significantly and turned into net outflows. Liquidity improvement within the ecosystem remains unstable, and structural demand support is still limited.