The biggest altcoin Ethereum(ETH) was rejected at $2996 and now heading down toward the main uptrend support level at $2880. Currently trading at $2902 with a 24-hour drop of 2.48% and a weekly drop of 5.64%. The downtrend that started after April 13 could never be reversed so far.
On the upside moment, the buyers have failed to maintain the price above moving averages.
The 1 hr ETH/USDT Chart says it all, forming a long-standing down-channel in the same range with price reading below the 50 days and 200 SMA isn’t a bull favorable trend. The RSI being more unstable at 35 indicates a slightly unsustainable trend.
Ethereum’s downtrend can be seen to be the impact of unfulfilled demands by the Dencun upgrade that was released in March 204. The upgrade was a layer 2 blockchain upgrade to reduce time, and fees and increase the scalability of the network.
The other major impact is the unapproved and long-anticipated Ethereum ETF approval. The recent crackdown on SEC indicates a prolonged wait for the approvals to be in 2025.
Interestingly, today on 14 May data revealed by the analyst “ Data Nerd” shows multiple whale withdrawals. In 24 hours, a total of 78,301 ETH were withdrawn from the exchange wallet. This can also be seen as a sign of accumulations, leading retail buyers to charge up.
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