The chart provided by the research firm illustrates how ETH-USD rolled over throughout early November as both moving averages curved downward, indicating that market structure has fully weakened.
The combination of sustained selling pressure and shrinking ETF demand has created a feedback loop that continues to pull ETH lower whenever each price support level fails.
Meanwhile, the scale of accumulation has not been large enough to counteract the broader selling from long-term holders or the ETF outflows, leaving the price of Ethereum trapped inside a downward-tilting trend channel.
