The recent decline in the cryptocurrency market, driven by Bitcoin, has also affected Ethereum and other altcoins. Currently, Ethereum is trading around $3,200 after reaching over $4,000 earlier in the year, marking a 20% decrease.

Analysts have observed a potential death cross forming on the ETH/BTC weekly chart, indicating a shift in investor sentiment. This event suggests that Ethereum and altcoins might underperform compared to Bitcoin in the long term. Additionally, significant selling pressure on Ethereum has been noted, leading to a test of critical support levels.

A death cross occurs when a short-term moving average crosses below a longer-term moving average, signaling weakness in the market. This pattern is viewed as a cautionary indicator for investors, highlighting the need for vigilance.

It's important to note that the formation of a death cross is not investment advice and should be considered within the broader market context.