Ethereum has experienced a decline in price, dropping by over 5.41% and trading at $2,066.
Over 600,000 ETH have been withdrawn from crypto exchanges in the last week, indicating reduced selling pressure.
The technical indicators of ETH confirm a persistent downtrend and the emergence of a death cross, raising concerns about further price volatility.
Ethereum's daily trading volume has increased by over 120%, but indicators such as Chaikin Money Flow and Bull Bear Power suggest a substantial bearish tone.