The price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, has declined 25% in the past month amid ongoing selling pressure from investors.
Ethereum has been pressured and is down 40% ever since spot exchange-traded funds (ETFs) of the crypto launched in the U.S. in June of this year.
After an initial boost, the crop of new spot Ethereum ETFs have seen substantial outflows in recent weeks totaling more than $400 million U.S., according to market data.
Recent interest rate hikes in Japan have also triggered selling among cryptocurrencies, including Ethereum, say analysts.
Some chart analysts point out that Ethereum has now formed a “death cross,” which is a bearish price signal that occurs when a 50-day moving average crosses below the 200-day moving average.
The death cross could mean that Ethereum’s price will continue to trend lower in coming weeks.
Analysts say the Ethereum ETFs are likely to continue struggling to attract investor capital and compete against similar spot Bitcoin (BTC) ETFs.
Ethereum’s current decline comes amid a broader downturn in all cryptocurrencies, with the price of Bitcoin having declined 10% in the past month.
So far in 2024, Ethereum’s price is up a total of 12% at $2,650 U.S. per token.
