After suffering a big fall, which was followed by Donald Trump’s tariffs, the crypto market is slowly getting back on its feet. Ethereum is also recovering as it makes higher highs, moving above the weekly opening market price of $3.79K. At the time of writing, Ethereum is trading at $3,983 after gaining more than 5% during the past week. However, when considering the overall gains during the past 30 days, Ethereum has lost about 5%.
ETH acquired by institutions
The gains Ethereum marked in its shorter time frame came partly because institutions
acquired Ethereum just a few days ago. Quantum Solutions became the largest Ethereum treasury outside of the U.S. after it acquired around $9 million (2365 ETH) worth of Ethereum during the past 7 days.
Ethereum ETFs are currently leaking funds. Yesterday more than $127 million was moved out of ETH ETFs, and the token hit resistance at $3.95K, which happens to be another a lower high on the descending triangle pattern.
ETH may look for support below $3.5K
As shown in the above chart, Ethereum is trading inside a bearish descending triangle, which eventually will break downwards upon completing the pattern. However, the descending triangle is not fully formed therefore, ETH will rebound off of the upper and lower trendline for sometime before breaking downwards.
When the descending triangle forms, it has a downward-sloping resistance line (top), connecting lower highs. This means sellers are getting more aggressive (lower highs), while buyers are holding a certain level (flat bottom).
Eventually, the pressure builds until the price breaks below the support line. This breakout is typically followed by increased volume and a sharp drop — confirming a bearish continuation pattern. When this happens, ETH will crash to $3.4K looking for support
