CryptoQuant Analyst: Ethereum's technical analysis confirms a bearish structure, with downside risk pointing to $1350

CryptoQuant analyst PelinayPA stated that the price of Ethereum has broken down from the triangular formation, and the moving averages have begun to slope downwards, confirming a bearish structure technically.

Although breaking below the triangle's lower edge is not enough to fully confirm a bear market, the short-term moving averages remain below the long-term moving averages, indicating that momentum continues to weaken. Binance leverage liquidation data shows that a large number of long positions have been liquidated, and the market is undergoing a downward reset, lacking a strong rebound.

PelinayPA believes that if Ethereum cannot reclaim the broken triangular area, the downward pressure may further intensify, with the next target pointing to the support level of $1350.