ETH price fell by 20% in the past week, but futures data shows investors still believe in the bull trend.
Ether (ETH) price experienced a 20% increase from March 3 to March 13, culminating in a double top formation near $4,100. Following the second rejection, ETH underwent a 20% correction, testing the $3,200 support on March 19. Analysts suggest that the initial rally was fueled by overly leveraged long positions.
Ether’s bullish momentum faded following the forced liquidation of $375 million in ETH futures over the past week, but the question remains whether this is sufficient for Ether to stop the correction and potentially kick-start a bull run again.
Ether's downturn was more pronounced than the broader cryptocurrency market's performance, which saw its market capitalization peak at $2.77 trillion on March 14, stabilizing around $2.35 trillion, a 15.5% drop over five days. Ether's relative performance suffered due to Bitcoin's (BTC) 12% weekly drop, Solana's (SOL) 21% increase, and Binance Coin's (BNB) slight 2% decrease during the same timeframe.
