Warning! Ethereum price is in jeopardy, with the critical support level at $1,815 potentially becoming a decisive breakout point!

After briefly breaking through $1,832, Ethereum shows bearish signs. Weak demand and a sharp decline in Gas usage have put this asset under potential downward pressure. A certain Ethereum whale recently exited the market, selling $5.72 million worth of ETH, bringing in a profit of $7.6 million. This large-scale sell-off may exacerbate the price decline.

The plunge in Gas usage indicates a slowdown in on-chain activity, especially against the backdrop of reduced demand in DeFi and NFTs. Historical data shows that a decrease in Gas volume typically signals market stagnation or decline.

Investor sentiment also appears unstable. Medium-sized investors are pulling out, while retail investors and whales continue to increase their holdings. However, the purchasing power of retail investors alone is insufficient to support a sustained rise, and the exit of whales may bring more selling pressure.

Meanwhile, the sharp decline in large trades indicates a decrease in institutional participation, which may intensify market volatility. Ethereum is currently hovering around the price of $1,815, and if it falls below this support level, it could trigger a series of liquidations, leading to a larger decline.

From a technical perspective, user activity has significantly decreased, and the DAA divergence indicator shows a strong bearish divergence, which may indicate further weakness in the market. Unless demand suddenly rebounds, Ethereum may struggle to maintain its current price, and the breach of the $1,815 support level will be a critical moment.