Direct answer
ETH may pull back on profit-taking near resistance or if macro risk-off tone triggers rotation out of majors.
Most likely bearish catalysts
ETF outflows
Weakening etf outflows can pressure Ethereum and accelerate liquidations.
Layer-2 activity stall
Weakening layer-2 activity stall can pressure Ethereum and accelerate liquidations.
ETH/BTC rotation out of ETH
Weakening eth/btc rotation out of 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.