It is estimated that about $13 billion worth of Ethereum (ETH) has been drained out of the cryptocurrency market over the past few days, according to an X post shared by analyst Ali. The analyst also stated that this signifies a major shift in investor sentiment.
Meanwhile, ETH was also one of the few top 10 tokens that saw its price drop heading into the new week. CoinMarketCap reported a 0.31% decrease in ETH’s value over the past day, causing the altcoin to trade at $1,631.21. Furthermore, its price fell within the range of its 24-hour high at $1,639.54 and its daily low at $1,621.86.
The intraday trading volume for ETH saw a significant decrease of over 37%, bringing it down to $2.74 billion at press time. Despite ETH’s slight decline in the past day, its weekly performance remained positive, showing a 0.29% gain.
Daily chart for ETH/USDT (Source: TradingView)
From a technical perspective, ETH’s price had broken out of a bullish chart pattern over the past 72 hours. During this time, the altcoin leader escaped a bullish falling wedge pattern and continued to trade above this pattern at press time.
However, bears were attempting to prevent ETH’s price from undergoing a bullish breakout – forcing the cryptocurrency’s price to between the 9-day and 20-day EMA lines. If ETH closes today’s trading session below the 9-day EMA line, then it may be at risk of falling back within the bullish chart pattern.
Thereafter, ETH may be at risk of retesting the support level at $1,535 in the coming few days. Conversely, a daily close above the 20-day EMA line at around $1,638.99 may result in ETH entering into an upward move towards the $1,750 threshold to potentially break above the key price point.
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