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Why is the price of Ethereum dropping today?
The current weakness in the price of Ethereum is due to both technical exhaustion and a deterioration in the dynamics of inflows and outflows. According to blockchain data, there was a net outflow of $113.19 million recorded on August 1, indicating an increase in the volume of withdrawals from exchanges and a decrease in buyer interest.
Short-term indicators confirm a pullback. On the 30-minute chart, the RSI has dropped to 30.9, approaching the oversold zone, while the MACD is in deep negative territory with expanding histogram bars. This coincides with an unsuccessful attempt to hold above $3700 earlier in the session.
The 4-hour Bollinger Bands chart also shows that ETH is breaking through the median band at $3784, heading towards the lower band at $3665. At the same time, the (EMA) exponential moving average band has started to tighten: the price is now trading below the 20-, 50-, and 100-day EMAs, which weakens confidence in the trend.