Ethereum Faces Bearish Pressure Amidst Significant Outflows

Ethereum’s price is experiencing a downturn, indicating a bearish technical outlook according to recent research from 10x Research. The analysis shows ETH falling below its 7-day and 30-day moving averages, suggesting a weakening market trend. Over the last week alone, ETH has experienced a decline of 6.6%. Furthermore, significant outflows from Ethereum-based exchange-traded funds (ETFs) have been recorded, exceeding $1.4 billion in net outflows over the past week. Long-term holders, particularly those with holdings of 3 to 10 years, are currently selling at their fastest rate since 2021, adding to the supply pressure on the market.