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The price of the Ethereum was in a tight range this week because the crypto investors remained aside and the outflows of the funds that trade on the stock market rose.
Ethereum (ETH) traded at $ 1,580 on Friday, where he remained throughout the week. In this month, it increased by 14% from the lowest point.
Ethereum continues to face many challenges, especially growing competition from layer-2 networks such as Basa and Arbitrum (ARB). Other networks of layers-1 such as SUI (SUI) and Solana (salt) continued to acquire a market share in industries such as decentralized finances and games.
The most natural, Spot Ethereum etf -these are still assets This year. These funds attracted zero inflows on Thursday, after seven consecutive days of net outflows.
They have now experienced the outflows eight in a row, which is a cumulative net outflow at $ 2.24 billion, which is a sign that these funds do not receive attraction among investors.
Further data show that some investors of Ethereum began to capitulate by selling a loss of loss. The chart below shows that the network/loss has remained in red for some time. This metric measures net profit or loss of all coins moved to blockchain.
Ethereum price technical analysis
The daily chart shows that Ethereum remains in a strong bear trend after reaching $ 4,100 last year. He continues to trade below 50-day and 200-day exponential moving average, and below the key support level at $ 2,140. This support was noted since it was a triangular sample décolletage on the weekly ladder.
On the positive side, Ethereum formed a bull pattern of divergence because the two MacD lines are still growing. The relative strength index also moved slightly above the downhill trends.
The coin also formed a giant wedge pattern consisting of two descending and convergating trends. As these lines approach convergence, in the near term, the likelihood of a strong bull’s breakthrough is. If that happens, the next level to watch will be $ 2,140, which is the lowest momentum in August and September last year. This goal is about 35% above the current level.
