**Ethereum Faces Bearish Trends Amidst Stiff Competition and Weak Fundamentals**
Ethereum (ETH), the second-largest cryptocurrency, is trailing behind Bitcoin (BTC) this year. While BTC has surged over 50%, ETH has only rallied by less than 20% in 2024. đ
**Technical Analysis:**
- ETH formed a double-top pattern around $4,000 and dropped below $2,824, confirming a bearish breakout.
- A death cross pattern emerged, with the 200-day and 50-day Hull Moving Averages crossing bearishly.
- A bearish pennant pattern and consolidation at the 50% Fibonacci Retracement level signal potential further declines, targeting $2,111.
**Fundamental Challenges:**
- Ether ETFs have seen outflows of over $530 million, contrasting with Bitcoin ETFs' $20 billion inflows.
- Solana (SOL) is outperforming Ethereum in DeFi and NFT spaces, with higher DEX volumes and popular meme coins.
- High-profile Ethereum whales, including Vitalik Buterin, have sold significant amounts of ETH recently.
**Join the Discussion:**
What are your thoughts on Ethereum's future? Share your insights in the comments! đŹ
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