Ethereum enthusiasts $ETH have decreased and lost confidence due to several factors:

- *Price Decline*: The price of Ethereum at $1,581.28 with a change of only 0.01% in a certain period shows price stagnation that may make investors less interested.

- *Declining Market Dominance*: Ethereum's dominance in the cryptocurrency market has decreased by 22% in 2024, reaching a multi-year low as alternative projects gain traction.

- *Concerns about Ethereum's Future*: The RSI (Relative Strength Index) of Ethereum is currently at 41.6, marking a significant decline and indicating a period of moderate price momentum.

- *Selling Pressure*: The overall decline in cryptocurrency market capitalization by $84 billion also affects Ethereum's price, with many investors choosing to liquidate their assets after several days of sharp price increases.

- *External Factors*: Fake news about the SEC lawsuit against Cardano may trigger panic among investors and affect overall market sentiment.

- *Competition with Other Projects*: The surge of alternative projects gaining traction may lead investors to prefer other options over Ethereum.