Direct answer
24h decline and declining volume suggest short-term weakness.
Most likely bearish catalysts
Risk sentiment turns negative
Weakening risk sentiment turns negative can pressure Ethereum and accelerate liquidations.
Altcoin rotation favors majors
Weakening altcoin rotation favors majors can pressure Ethereum and accelerate liquidations.
ETF narrative shifts against ETH
Weakening etf narrative shifts against eth can pressure Ethereum and accelerate liquidations.
What confirms the selloff
- Confirm the drop is tied to real weakness in layer-2 activity instead of a brief flush.
- Check whether the move is spreading across related crypto markets.
- Only trust continuation if breakdowns hold after the first fast selloff.