Ethereum price has had a rocky week and data suggests that more downside could be on the way.
After rallying to $4,091 leading into the Dencun upgrade, Ether (ETH) has underperformed over the last month 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 18% during the same period, while the total cryptocurrency market capitalization dropped by 16%.
A number of market and technical indicators show that ETH may witness a deeper correction before embarking on a sustained recovery.