Key Takeaways
- With a 3.5% dip, Ethereum’s (ETH) price action suggests that the asset has opened the door to reach the $3,340 level.
- Ethereum’s technical indicators, CMF and Supertrend, are flashing bearish signals.
- Recent activity from institutions and whales has weakened overall sentiment toward ETH.
Today’s 3.5% dip, along with waning interest from whales and institutions, has weakened Ethereum’s (ETH) market sentiment, raising the question of whether this downtrend will pause or continue in the coming days. So far, the asset has plummeted over 12% in the past 30 days, according to CoinMarketCap data, and with today’s decline, the price has dropped to the $3,510 level.
Institutions and Whale Interest Cooling Off
Not only is ETH’s price plummeting, but institutional interest is declining as well. Data from SoSoValue shows that Spot Ethereum ETFs have witnessed outflows for three consecutive days, recording a total outflow of over $363.8 million during this period.
This indicates that traders are withdrawing capital from these investment funds.
Along with institutions, whale interest in the asset is also declining. Today, a crypto whale, after holding for 2.5 months, dumped 3,000 ETH worth $11.17 million, securing an impressive profit of over $14.76 million, according to on-chain analytics platform Onchain Lens.
Meanwhile, another whale who actively trades ETH also appears to be partially closing their positions.
This data from whales and institutions not only highlights the declining interest among major players but also raises concerns for ETH holders and new investors about whether this downward momentum will cool off or continue in the coming days.
Also Read: Why is Crypto Down Today? BTC, ETH, and SOL Losses Track!
Ethereum (ETH) Technical Outlook: Key Levels to Watch
Ethereum (ETH) technical analysis on the daily chart shows that with today’s 3.5% dip, the asset has opened the door for a further decline. Based on the current price action, if ETH continues to follow this bearish trend and remains below the $3,750 level, it has the potential to drop to the $3,350 level in the coming days. On the other hand, if ETH reverses and reclaims the $3,750 level, there is a strong possibility of a price rebound, similar to previous recovery patterns.
As of press time, Ethereum’s Chaikin Money Flow (CMF) value stands at -0.17, indicating weakening buying pressure and growing dominance of sellers in the market. Meanwhile, the Supertrend indicator continues to display a red trend, suggesting that the asset remains in a downtrend with strong selling pressure.
