Ethereum, the largest altcoin by market capitalization, is experiencing a significant price decline, down 19% in the past 30 days. Despite being the second-largest cryptocurrency, Ethereum is struggling to surpass the $3,000 mark, with its price dropping to a two-month low of $2,815 on May 1. The Fear and Greed Index indicates a neutral sentiment among investors, reflecting the uncertainty surrounding Ethereum's future performance.

The downtrend is not limited to Ethereum, as the majority of altcoins in the market are also experiencing declines. Ethereum's daily trading volume has decreased by 4.97% to $11.21 billion, while its market capitalization stands at $357 billion. A whale withdrawal of nearly 6,030 ETH, worth $18.03 million, from the Binance crypto exchange has also been observed.

The technical indicators suggest a bearish trend, with the 50-day simple moving average exceeding Ethereum's price. The relative strength index is hovering in neutral territory at 41. If the trend reversal gains momentum, Ethereum might break the key resistance level of $3,125. However, if the opposite occurs, the price could drop to $2,928.

Apart from the token price, other aspects of the Ethereum network require attention. The data reveals that the amount of ETH issued still surpasses the count of burned ETH, indicating a decrease in user engagement with the network. The average gas fees on the network have been recorded at 40.9 gwei. Ethereum co-founder Vitalik Buterin has proposed an account abstraction-centric plan to enhance the network's sustainability, which warrants close monitoring from users. The approval of spot Ethereum ETFs in the US is also a topic of interest.