Ethereum Price Slips 10% Behind Bitcoin as DeFi Engine Loses $43 Billion
Ethereum (ETH) price is stalling near $2,140 as a sharp DeFi erosion since January now matches a bearish chart structure carved out over the past seven weeks. The lag against Bitcoin and a sliding holder cohort suggest the price weakness may be more than a routine pullback. The structure on the daily chart and the on-chain data tell the same story from different angles. Ethereum Price Mirrors DeFi TVL Collapse Since January Peak Ethereum has carved an inverted cup pattern on the daily chart between March 29 and May 18. The current rebound looks more like a handle of the inverted cup. The formation is a bearish setup where price peaks in the middle of a rounded top and then forms a brief recovery handle. The pattern signals continuation lower if the cups neckline breaks. Ethereum Inverted Cup and Handle: TradingView The price structure tracks the networks deteriorating DeFi position. Ethereum DeFi TVL has fallen from $106.687 billion on January 15 to $62.957 billion as of May 18, a drop of nearly 41% in four months. The damage extends into the same window that produced the bearish pattern. Around late March, just before the inverted cup began forming, the network‘s DeFi TVL stood near $80.32 billion. It