Ethereum price has had a rocky week and data suggests that more downside could be on the way.
After rallying to $3,972 after the approval of spot Ethereum exchange-traded funds (ETFs), Ether (ETH) has underperformed over the last week, down 10%, compared to Bitcoin and the broader crypto market, leading traders to doubt whether the altcoin’s downtrend is over.
To put this into context, Bitcoin’s (BTC) price fell by 6% during the same period, while the total cryptocurrency market capitalization dropped by 5.3%.
A number of market and technical indicators show that ETH may witness a deeper correction before making another attempt at recovery.
