Ethereum (ETH) is down nearly 4% on Tuesday following increased selling pressure from ETH ETF investors and whales.
Traditional investors are on a selling spree as ETH ETFs extend their outflow streak to eight days of consecutive negative flows. Whales are also dumping ETH heavily following its recent price decline. Vitalik Buterin holds 90% of his net worth in ETH. Ethereum is attempting to move below a key trendline that suggests further price decline amid mixed signals across technical indicators. Ethereum is down nearly 4% on Tuesday following increased selling pressure from ETH ETF investors and whales.
Such a move could see ETH finding support around the $2,000 to $2,300 range before staging a rally. ETH/USDT Daily chart ETH posted similar declines from August 2022 to November 2022 and July 2023 to October 2023 before rallying on both occasions. If ETH completes this move, it could attempt to tackle the upper descending trendline of the triangle and eventually challenge its yearly high of $4,093.
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