Ethereum has fallen below $4,000, reaching its lowest level in almost 7 weeks, as a result of which the market value has decreased by more than $ 140 billion since the beginning of the week.
The second largest cryptocurrency fell 4% to $3,969 on Thursday, while bitcoin declined 0.7%, testing the $112,000 level after yesterday's unsuccessful attempt to gain a foothold above $114,000. Ether violated the integrity of the psychological level of $4,000 for the first time since August 8.
The drop in ether came amid "cooling institutional interest" combined with "technical signals indicating short-term pressure," said Rachel Lucas, a cryptocurrency analyst at BTC Markets.
Investors have withdrawn almost $300 million from U.S. ETFs to Ethereum since Monday, when the market lost bullish bets of $1.7 billion, affecting most major tokens. Lucas expects more liquidations if Ether goes below $3,800.