When Trump and Musk are firing shots on social media, the accounts of retail investors evaporate in the waterfall.
News front: Three major bearish factors weigh heavily, making it difficult for ETH to escape volatility
Double blow from regulation and technical upgrades
Regulatory risk: The U.S. Congress is discussing the 'DeFi Regulatory Bill,' which may impose strict controls on stablecoins and decentralized platforms, increasing policy uncertainty.
Upgrade delayed: Pectra upgrade test network frequently experiences stalling, mainnet launch postponed, and market expectations for short-term performance improvement have fallen short.
Concerns about the ETF remain unresolved
The SEC's review results on Grayscale's Ethereum ETF are still pending; if the application is denied (by early June), ETH may pull back. Although BlackRock is lobbying for a staking ETF, it is difficult to change the bearish sentiment in the short term.
Technical Analysis: Death cross + breakdown, bears are fully in control
Bollinger Bands opening downwards: Price has broken below the lower band (about $2,400), and all three bands are trending downwards, indicating a clear acceleration in the downtrend.
MACD death cross continues: Green bars are continuously expanding, and the fast and slow lines are diverging below the zero axis, with bearish momentum not yet exhausted.
Key support lost: The psychological barrier of $2,500 has been breached, the next support is at $2,300, and if lost, it may drop to $2,150.
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