Ethereum price shows a worrying pattern as ETF outflows increase

The price of Ethereum has not gone anywhere since February 7 of this year. While this could be a sign of a bearish trend, it has produced a disturbing chart that suggests a potential crash.

Ethereum (ETH) price traded at $2,065 today, March 10, as it rose for the second day in a row. Despite this increase, it remained within the support and resistance levels at $1,843 and $2,143.

The ongoing consolidation has been matched by reduced demand for its exchange-traded funds. SoSoValue data shows that these funds have shed assets over the past three consecutive days. They shed $51 million in assets on Monday after losing $83 million and $90 million in the previous two trading days.

Ethereum ETFs have lost more than $37 million in assets this month and are in the red for the fifth month in a row. As a result, cumulative net inflows fell from about $15 billion to $11.58 billion.

Ethereum broke away from Bitcoin, whose ETFs took in more than $735 million this month. Solana Asset ETFs added $21 million, while Chainlink funds gained $4.8 billion.

On the plus side, Ethereum’s fundamentals are still strong. For example, data shows that its stable supply has grown to more than $166 billion, while its trading volume has reached more than $1.1 trillion in the past 30 days. It is also the market leader in asset tokenization in the world.

Ethereum price technical analysis

The price of ETH may be at risk of a big drop in the near future. The daily chart shows that it has formed a horizontal channel over the last 30 days. This channel was formed after a sharp decline. As a result, it formed a bearish flag pattern, a popular continuation pattern.

The coin remains below the moving average and the Supertrend indicator. Therefore, the most likely outcome is that it resumes the downtrend, possibly to the downside of the flag at $1,843. A break below this level points to more downside, possibly a psychological level at $1,500.