Man, ETH is hitting around $2.39k right now, but the market feeling is that there's still a lot of weight on it. I saw that in recent days there was heavy liquidation of long positions, with many people being knocked out. The data pointing to a weakened market comes from various sources.

What stands out most is the TVL dropping significantly, reaching levels we haven't seen in a long time. Network fees are also well below the historical average, indicating less activity. Additionally, Ethereum ETFs in the US have experienced significant outflows since mid-February, greatly reducing the assets under management.

In the options market, the sentiment has become more defensive. Traders are pointing to a possible continuation of this pressure as long as derivative indicators don't show signs of recovery. It's that moment when we see more fear than greed in the crypto market.