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Ethereum is trading around $1,631, down about 2.1% over the past 24 hours and now more than 70% below its all-time high, confirming it is firmly in a technical bear market. The market is being pressured by several factors. First, all eyes are on the upcoming U.S. CPI release at 8:30 PM, where a hotter-than-expected inflation reading could revive concerns about further rate hikes in September. Second, there continues to be steady capital outflows, including ETF withdrawals, while liquidity appears to be rotating into AI-related assets and recent tech IPO momentum. Third, the chart structure has weakened, with ETH breaking below its 200-day moving average, even as RSI signals oversold conditions. From a technical standpoint, immediate support is seen near $1,600, with the next major level around $1,520. On the upside, resistance sits near $1,720. Overall, traders are likely staying cautious and waiting for CPI data before positioning more aggressively. #SpaceXIPOvsOpticsCrash #HormuzStrikeRiskOff #MayCPIHikeWatch