A correction wave hits the second largest cryptocurrency.. and a technical rebound looms on the horizon. The price of Ethereum has dropped below the $4000 mark, recording its lowest level in nearly seven weeks, continuing the broad downtrend that has swept through the digital asset market. The market has lost more than 140 billion dollars in value since the beginning of the week.

The second largest cryptocurrency declined by 4.7% to record $3969 on Thursday, a sharp drop that pushed the Relative Strength Index (RSI) to a level of 31.81, placing it in the oversold territory, raising questions about the likelihood of a forthcoming technical rebound. At the same time, Bitcoin fell by 1.7%, confirming that the pressures are not limited to Ethereum alone.

Analyst "Rachel Lucas" from "BTC Markets" explained in statements to Bloomberg that the recent decline was a result of "slowing institutional flows" alongside "technical signals indicating short-term pressures." She pointed out that U.S. listed investment funds have seen outflows of nearly 300 million dollars since Monday, the day bullish bets worth 1.7 billion dollars were wiped out. She considered that any additional drop below 3800 dollars could lead to a new wave of liquidation.$ETH $BTC $BNB #BinanceHODLerXPL #SECxCFTCCryptoCollab #BinanceHODLerMIRA