The analyst maintains a bearish outlook on Ethereum (ETH), citing a breakdown in market structure and fundamental competition from Solana (SOL) and Celestia. Technical analysis identifies main short targets at $3,350 and $2,361, with a warning that losing current support could lead to a retest of previous lows near $1,071 and $880. The sentiment is driven by ETH's perceived overvaluation and weakening thesis relative to other Layer 1 blockchains and data availability layers.