Ethereum’s price has taken a turn downwards following a loss of key support. With $816 million in outflows recorded and forecasts suggesting a potential drop to the $2,830 level, traders are now eyeing lower support levels. Open interest in Ethereum futures declined 8% within 24 hours, indicating reduced speculative trading activity. This decline is being driven by capital outflows from Ethereum towards alternative blockchains such as Plasma, Avalanche and Flare. Analysis suggests a bearish trend with the recent break below key support zones contributing to increased selling pressure. Crypto analyst, Crypto Caesar (@CryptoCaesarTA), highlights a decisive shift from consolidation into a downward movement, pointing to weakening support levels and potential for further decline.