Ethereum ETF Flows Flip Negative Again As ETH Price Slips 6%, What’s Next?

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As a seasoned crypto investor with a knack for navigating the volatile digital asset market, I find myself both intrigued and cautiously optimistic about the recent developments surrounding Ethereum (ETH). After six consecutive days of inflows into spot Ether ETFs, it’s disheartening to see the trend reversing, especially given the positive sentiments driven by the Trump-trade.

After six straight days of inflows, the Ethereum ETF’s flows turned negative once more on Thursday, as optimism fueled by the Trump-trade waned. Simultaneously, the price of Ether dipped by 6% within the last 24 hours, causing it to fall to around $3,000 and shedding over $22 billion from its market capitalization.

Spot Ethereum ETF Flips Negative

Following six straight days with inflows, the U.S. Spot Ethereum ETF has now started to experience withdrawals again. On November 14, there was a small outflow of approximately $3.24 million from Ethereum ETFs – this is the first such withdrawal since the victory of Donald Trump on November 5.

Contrary to expectations, BlackRock’s Ethereum ETF (ETHA) attracted about $18.87 million in a day, but Grayscale’s ETHE took the opposite route, with approximately $22 million leaving its funds yesterday. Moreover, data from SoSoValue indicates that inflows into other Ethereum ETFs have almost ceased entirely.

After Donald Trump’s win on November 5th, there was a surge in investments into Ethereum ETFs as the ETH value increased by approximately 40% on a weekly basis and reached $3,400. However, since reaching its peak in November, the price of ETH has decreased by almost 10% as buyers attempt to maintain support for the $3,000 mark.

ETH Price Action in Choppy Market

In light of the latest Ethereum price fluctuations, well-known cryptocurrency trader Credibull Crypto is now accumulating Ethereum (ETH) and plans to purchase more if Ethereum falls to around $2,800, considering the current short-term market trends. This move to expand their holdings stems from Bitcoin‘s recent stability, which may hinder a swift return to the lower $80,000 price range, thus enabling ETH to keep rising.

The trader observes a narrow price pattern developing, moving into areas of existing demand, with undiscovered highs nearby. They’re keeping an eye on opportunities to profit in the $3,500 region or higher, but may reconsider later. Yet, it’s crucial to remember that the break-even point for their long-term Ethereum strategy, based on higher timeframes, is at $2,350.

Keeping an eye on the Long-Term Futures Position (LTF PA) on Ether (ETH), and I’ve begun setting up a position in this market. If the price drops to my preferred entry point (around $2800 or less), I plan to increase my current position.

As a crypto investor, I find myself drawn to a more assertive approach right now. The reason being, Bitcoin seems to be maintaining itself fairly well at the moment, and if there isn’t a dip towards the lower 80ks, I see potential for further growth.

— CrediBULL Crypto (@CredibleCrypto) November 14, 2024

According to IncomeSharks, a frequently used trading platform, traders who didn’t get in on the initial opportunity might find another chance near the Supertrend support level close to $3,000. The trader also mentioned that a quick change in market sentiment, reflected by several “red candles,” has resulted in widespread pessimism and negative feelings about the asset. However, he is optimistic that there could be a significant rebound ahead, which might restart investments into Ethereum ETFs.

Current assessments about Ethereum suggest a positive outlook, with some analysts forecasting it could reach approximately $4,000 by the end of November. But for this upward trend to persist, it’s crucial that the overall market provides its backing.

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2024-11-15 12:44