The near-term outlook of the Ethereum market has turned bearish following a quick dip below Key Level 1 at 135 that broke its near-term market structure. Though Vitalik is still clinging to that level for dear life, that tiny drop of blood he spilled into the calm waters is enough for the sharks to home in for the kill. It is just a matter of time before his skinny arms give up to exhaustion and let nature takes its course. That is when price pushes through Key Level 1 once more and decline further to test Key Level 2, a level where we anticipate a technical rebound to materialize.