Ethereum is weakening in the short term, let's make a simple comparison with Bitcoin.
$ETH has already fallen below the low point of 11, but $BTC is still near the low point of 11 and has not broken below it yet. $SOL is performing decently as well and has not broken below, but we still need to watch the big brother and second brother's movements.
The comparison makes it very clear that Ethereum is weak in the short term, dragging altcoins down with it. If Bitcoin drops below 89500, Ethereum and altcoins will only weaken further, except for a few independent markets.
Additionally, the Federal Reserve has started lowering interest rates, which is a long-term positive, but the short-term market seems to disagree, falling as it should. During the decline, capital prefers Bitcoin as a safe-haven asset, converting altcoins led by Ethereum into Bitcoin. As soon as Bitcoin drops, it will lead to further weakness in Ethereum and altcoins!
