Ethereum is down over 3% on Monday after posting weak flows across ETH ETFs and record lows in gas fees last week.
Ethereum gas fees plunged to an all-time low on Saturday as ETH supply continued its uptrend. Global Ethereum ETFs saw minor inflows of $4.2 million last week despite their US counterparts recording over $14 million in outflows. Ethereum could repeat historical move after breaching the lower trendline of a key ascending triangle. The decline also coincides with ETHattempting to repeat a historical price move that itexperienced in the last two years.
The bearish sentiment is also evident on the 4-hour chart, where ETH breached the rising lower trendline of an ascending triangle on Sunday. Such a move indicates that sellers are gaining momentum and could kick-start a dominant bearish trend. ETH/USDT 4-hour chart However, the Stochastic Oscillator during this time frame suggests that ETH could see a rebound after falling below the 20 mark and entering the oversold region.
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