Ethereum's price has dipped below $3,400 amid a broader market downturn, with Bitcoin falling under $96,000. The cryptocurrency has seen a 12.44% decline over the past week, facing increased selling pressure and significant outflows from Ethereum ETFs, including a $58.13 million sell-off by Grayscale. As whales offload tokens to repay debts, the critical support level at $3,035 is under scrutiny, with potential further declines towards $2,942 if the bearish trend continues.