$ETH Currently, Ethereum is facing multiple bearish factors:

The short position ratio in the derivatives market has soared to a new high for the year, with daily seller orders exceeding buyers by $35 billion, with selling pressure continuing to dominate the market; although the Pectra upgrade briefly boosted confidence, the number of active addresses on the chain has decreased by 8.4%, and the weak network utilization diverges from the price, diminishing the sustainability of any rebound.

Moreover, macroeconomic uncertainties (such as Federal Reserve interest rate policies and CPI fluctuations) are exacerbating market risk aversion, with some institutional funds shifting towards Bitcoin, causing the ETH/BTC exchange rate to hit a five-year low, further suppressing Ethereum's valuation.