Ethereum's price has plummeted 12% over the past week, falling below the $3,000 mark and trading near $2,850 to $2,900. This decline was accompanied by over $200 million in liquidations, reflecting significant market pressure. Additionally, weekly active Ethereum addresses have decreased to 324,000, marking the lowest level since May. The downturn is further exacerbated by substantial outflows from U.S. spot Ethereum ETFs, totaling $224 million, with BlackRock's ETHA leading the withdrawals. Large holders have also contributed to the sell-off by offloading 28,500 ETH in a short period, intensifying the market's bearish sentiment.