US spot Ethereum funds shed roughly $215 million over two sessions as ETH fell to its weakest level since mid-August. Momentum is oversold, but sellers still control the trend, and fund flows may decide whether a rebound holds.
US spot Ethereum funds lost $145 million on Nov. 11. Another $70.5 million left the next day, as investors who bought Ether through regulated products headed for the exit.
Ether drops to a three-month low
The selling hit as ETH dropped to a 24-hour low near $1,905 on Nov. 13, its weakest level since August 18. The token now sits about 61% below its all-time high of $4,946.
Ether changed hands near $1,900 on Friday, down about 1% over the past day. However, the token has lost about 21% over the past month, and it is down roughly 15% over the last seven days.
Both averages hang above the price
Two moving averages frame the problem. The 50-day average sits near $2,300, and the 200-day average is at about $2,290.
When price trades under these lines, they tend to act as a ceiling. Traders who bought near those levels often sell into any bounce to break even.
Oversold momentum has not stopped the sellers
RSI sits near 23 on the daily chart. Readings under 30 count as oversold, and a short relief bounce often follows.
An oversold reading alone does not mark a bottom, though. Momentum indicators keep pointing down, and trend strength readings confirm a downtrend that sellers lead.
Support near $1,800, resistance near $2,280
On the daily chart, the nearest support sits around $1,800. A break would leave ETH with no charted support below.
Overhead, first resistance stands near $2,280, and the next hurdle comes around $2,400. Until daily flows turn positive, a climb back to the averages stays unlikely.
Source: Crypto Daily™
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