One reason why the ETH price has plunged is that spot ETFs have had substantial outflows this year, pointing to weak demand in the United States.Ethereum's dominance has also dwindled, with the network being overtaken by other popular chains.
Moreover, on-chain data indicates that Ethereum’s developer activity has declined in recent months.From a technical perspective, Ethereum has fallen sharply after forming a bearish triple-top pattern on the weekly chart.