The price of Ethereum has dropped over 15% in the past week due to an increase in its supply and lower demand. This has raised concerns about the asset's price trajectory. Currently, Ethereum is below the $3,087 support level and is in a downtrend, but there is a possibility of a price reversal indicated by the oversold territory of the Relative Strength Index (RSI). Funding rates have shown signs of recovery, suggesting some traders are opening long positions in anticipation of a rebound. However, there are still downside risks and the fate of Ethereum depends on whether it can regain momentum.



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