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Ethereum Price Slumps Amid Technical Momentum Deterioration

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ETH
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Ethereum (ETH) is experiencing a firm intraday selloff, trading at $2,389, down 1.68% on the session.

The price currently sits below its main short- and medium-term moving averages while remaining above its longer-term trend indicator.

Despite institutional inflows and increased liquidity driving substantial ETF trading, Ethereum spot ETFs recorded over $500 million in net inflows for the week with daily accumulation exceeding $200 million on multiple days.

The technical momentum deteriorates amid strong resistance and oversold signals, with ETH/USD positioned below the MA-20 ($2,415) and MA-50 ($2,428) on the hourly chart exposing the price to near-term downside.

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