Ethereum has had a tumultuous month thus far as competition continues to heat up from other layer-2 networks such as Base and Arbitrum. Ethereum’s price has been rangebound this week, trading around $1,580. At the same time, crypto investors are mostly remaining on the sidelines. The crypto network continues to face the impacts of exchange-traded fund outflows and long-standing negative Network Realized Profit/Loss.
Additionally, Ethereum’s price has been sideways this week, sticking around $1,580 firmly on Friday. Such stability came even as investors seemingly seemed gun shy, helping create a largely lukewarm market vibe.
Ethereum spot ETFs have seen run-away asset shedding this year, a testimony to the wariness that suffuses the investing public’s mood. The Network Realized Profit/Loss for Ethereum remains in the red. This indicates that there are more investors realizing a loss than a gain.
Amid these downturns, Ethereum has built a bullish divergence pattern that points toward a potential reversal in trend. It has set up a massive falling wedge pattern, which normally foreshadows a breakout to the upside.
Nonetheless, Ethereum is still facing a deep bearish downtrend since reaching an all-time high of $4,100 last year. Continue watching Ethereum’s price as it starts to test the $2,140 resistance. This is the biggest drop from August and September of 2022 ever recorded.
