Ethereum ETF Outflows Hit $22.5 Million! What’s Next for ETH Price?

The post Ethereum ETF Outflows Hit $22.5 Million! What’s Next for ETH Price? appeared first on Coinpedia Fintech News

The crypto space has experienced a bullish recovery overnight with top altcoins successfully retesting their important resistance levels. Following this, the Ethereum price experienced a similar price action and reclaimed its $2,600 mark during the early Asian market.

However, the leader of altcoins continues displaying a strong bearish action in the longer time frames. This highlights increased uncertainty in the crypto space. With this, investors are curious with questions like “Is this the right time to invest in ETH?” and “Will Ethereum ever recover?”

ETH Price Records Increased Volatility This Week!

The Ethereum price has added 2% to its portfolio in 24 hours with a trading volume of $18.542 billion, a change of -12.73%. However, it has lost 1.55% in the last seven days and 16.64% over the last month. With a YTD return of -18.87% and a market cap of $325.756 billion, it has a market dominance of 10.0674%.

TradingView: ETH/USDT

The Relative Strength Index (RSI) successfully retests its oversold range in the daily time frame. Moreover, its average trendline is on the verge of experiencing a bullish convergence, suggesting an increase in the buying pressure.

Moreover, the Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram with its averages witnessing a similar price trend. This indicates that the largest altcoin may continue gaining value in the coming time.

Ethereum ETF Breaks Its Inflow Streaks, Loses $22.51 Million On Monday!

On 10th February, 8 out of 9 Ethereum ETFs recorded a neutral flow for the 03rd time this month. However, Grayscale’s “ETHE” lost $22.5 million in this time period.

Source: SoSoValue

With this, the total flow for the day concluded at -$22.5 million. This has resulted in the ETH ETF breaking its inflow streak of seven days.

Will ETH Price Hit $3000?

Suppose, the market favors the bulls, this could result in the price of Ethereum retesting its immediate resistance level of $2,870. Furthermore, if the bullish sentiment sustains, this could push the price of ETH toward its upper resistance level of $3,300 in the coming time.

Conversely, a sustained bearish action could result in it retesting its support trendline of $2,530. Moreover, if the bearish sentiment intensifies, this could result in the Ethereum price plunging toward its lower support level of $2,175 this month.

Are you wondering if the price of Ethereum will achieve a new ATH this altcoin season? Read our latest Ethereum Price Prediction to explore the long-term possibilities!