Ethereum's Ether Hits Lowest Weekly Close Since November 2023, Outflows Surge

Ethereum's native token, Ether (ETH), closed the week at its lowest level since November 2023, indicating the ongoing struggles of the top altcoin in recent months. Over the past 83 days, Ether has seen a 51% decline, equivalent to an average daily loss of around 0.61%, which increases to about 0.84% when compounded daily. Ethereum experienced a 27-month high in exchange outflows, with significant outflows of $1.8 billion reported in the past week, signaling a potential buying opportunity for many holders. Onchain data providers like IntoTheBlock and CryptoQuant highlight the drop in Ethereum netflows and MVRV ratio, indicating potential undervaluation and a possible buying opportunity for investors. Technical analysis suggests a potential bullish reversal for Ether, with a diamond price pattern indicating a rebound target of around 20% to $2,600 from its current price, while the weekly chart shows Ether closing below the 200-day EMA level for the first time since October 2023.