Direct answer
Risk sentiment shifts and ETH/BTC rotation may weigh on Ethereum.
Most likely bearish catalysts
Risk sentiment worsens
Weakening risk sentiment worsens can pressure Ethereum and accelerate liquidations.
ETH/BTC rotation reverses
Weakening eth/btc rotation reverses can pressure Ethereum and accelerate liquidations.
ETF narrative shifts bearish
Weakening etf narrative shifts bearish 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.