Ethereum (ETH) is down 4% on Monday following another round of sales by the ETH Foundation, totaling 100 ETH.
Global Ethereum ETFs posted net outflows of $19 million. Ethereum Foundation sells 100 ETH for $226,868 worth of DAI following price decline. Ethereum Layer 2 network activity hits record highs. ETH could decline toward symmetry triangle support after seeing rejection around a key descending trendline. Ethereum is down 4% on Monday following another round of sales by the ETH Foundation, totaling 100 ETH.
ETH posted similar declines from August to November 2022 and July to October 2023 before eventually staging a rally. ETH could see an extended rally around October or November if history repeats. On the way up, ETH faces resistance around the 2,817 price level. A sustained move above this level could fuel bullish momentum for ETH, considering it was a critical support level for over four months before flipping into a resistance following the market crash on August 5.
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