The cryptocurrency Ethereum, the second largest by market capitalization, has been facing approximately 8% decline in prices and hit a seven month low of $1,551. This market shock caused concern in Ethereum's community and trading volumes have surged approx 119%. The dip has been attributed to multiple factors. These include Vitalik Buterin, Ethereum's co-founder, selling a significant portion of his holdings and the Foundation executing sale of 1.7K ETH on Uniswap. The introduction of futures-based ETFs for Ethereum in CME and CBOE hasn't had promising results with less than $10 million worth of assets under management in the initial week of trading. Additionally, an address related to Vitalik Buterin has shifted 3,999 ETH to exchanges in the last five weeks amounting to $6.4 million. Analyzing Ethereum's present scenario one can infer that bearish forces are in play. Both 9-day EMA and Daily RSI indicate the asset is close to oversold territory. Ethereum broke the vital support of $1,600 making the next significant support levels reside at $1,548 and then at $1,526. If Ethereum surpasses the resistance at $1,650, it may lead to retesting the benchmark of $1,735. In conclusion, Ethereum has gone through a turbulent week making the near future scenario uncertain. Nevertheless, the trading volume, rising social dominance and the lingering hope among traders of a possible turnaround at this juncture could result in a positive trend in upcoming days.



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