Ethereum Price Takes Hit as Institutional Demand Wanes and Technical Indicators Turn Bearish

Ethereum's price has taken a hit, falling below key levels due to a combination of factors.

The leading altcoin is currently trading at $2,130, up 1% in the last 24 hours but down 8% in the last seven days. This decline is largely attributed to institutional demand dropping off, with ETF outflows totaling $61.7 million on Tuesday.

Bearish technical indicators are also weighing heavily on Ethereum's price, suggesting further selloffs in the near term. The 4-hour RSI stands at 42, indicating that bears remain in control, but Ethereum is not yet in oversold territory.