Additionally, the fractals on the chart suggest that the recent support levels have failed to hold, further amplifying the bearish outlook.

If this trend continues, Ethereum could see a further decline towards the $2,500 support level. This key support level is critical as it represents a psychological barrier and a historical support point. Should the price break below this level, it could trigger a more substantial sell-off. On the resistance side, the nearest level to watch is around $3,000, which, if breached, could provide some respite to the bulls.

In conclusion, the current technical indicators suggest that Ethereum’s price is poised for further downside, with ETF outflows exacerbating the situation. The $2,500 support level will be crucial in determining the next move, and traders should watch for any signs of reversal or further bearish momentum.