$ETH The recent bearish trend of Ethereum (ETH) is mainly affected by market sentiment, competitive pressure and regulatory environment. The overall cryptocurrency market is under pressure, and the decline of Bitcoin drags down ETH; the rise of competitors such as Solana diverts funds and developers; the congestion of the Ethereum network and the high gas fee problem have not been completely solved, affecting the user experience; global regulation has become stricter, increasing uncertainty; coupled with the need for technical callbacks, some investors have taken profits. Multiple factors have jointly led to the short-term bearish trend of ETH, but the long-term potential still exists.