Key takeaways:
- Ethereum ETFs experienced outflows for three consecutive days, totaling $364 million.
- Strategic Ether reserves and ETF holdings have dropped by 124,060 ETH since mid-October.
- Ether’s descending triangle is in play on the eight-hour chart, targeting $2,870 ETH price.
Ether (ETH) fell 14% over the past 30 days, dropping below $4,000 to trade at $3,724 on Monday. However, technical and ETF data are not showing much bullishness, increasing the odds of a further correction below $3,000.
Waning institutional demand pulls down ETH price
The decrease in Ether’s price can be attributed to investors’ de-risking behavior, which is visible across the spot Ethereum exchange-traded funds (ETFs). Traders have been withdrawing…more
Source cointelegraph.com
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