Ethereum Price Forecast: Demand boost is needed to extend gains
Ethereum (ETH) trades roughly 3% down on Monday, erasing the gains registered on Sunday, as it approaches its descending trendline and following a rally of over 11% last week. From an on-chain and technical perspective, the correction could prove short-lived as there are signs of growing investor confidence in ETH, with US spot Exchange Traded Funds (ETFs) recording mild inflows and the total amount of ETH held in accumulation addresses reaching a new all-time high.
Solana (SOL) price gained for the fourth consecutive day early on Monday before finding resistance and retracing from around the $170 level. The Ethereum-alternative token trades at $163.93 at the time of writing, losing over 2% of its value on the day as SOL holders speculate the impact of the upcoming Solana token unlock this week.
Bitcoin (BTC) eases slightly on Monday, trading at around $68,400, after a 9.8% rally last week which was bolstered by a $2.13 billion inflow into the US spot Exchange Traded Funds (ETFs).
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