Traders watch for a trend reversal after Ethereum price drops to $4,100 By Cointelegraph


Ether (ETH) traders might have a few reasons to panic after today’s 13% drop down to $4,100. The swift pullback appears to have broken a 55-day ascending channel that had a target at $5,500.

Ether/USD price at FTX. Source: TradingView

Those not worried about technical analysis will understand that the cryptocurrency’s 3.4% daily volatility justifies the 10% negative price swing. Still, one should not disregard externalities such as the United States infrastructure bill approval on Monday.

ETH futures aggregate open interest. Source: CoinGlass.com
Ether three-month futures basis rate. Source: Laevitas.ch