The approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States has turned out to be a classic sell-the-news event. Ethereum price had dropped nearly 8 percent in the past 24 hours to hover around $3,180 on Thursday during the early Asian session.
As a result, nearly $300 million was liquidated from the crypto derivatives market, mostly involving long traders. Notably, more than $81 million was liquidated from Ethereum traders.
After experiencing positive cash inflows on their first trading day, US-based spot Ethereum ETFs reported a net cash outflow of about $150.6 million on Wednesday. The anticipated cash outflows from Grayscale’s ETHE, which holds around $8 billion in net assets, have notably overshadowed the inflows from other spot Ether ETF issuers.
According to the latest market data, Grayscale’s ETHE registered a total cash outflow of about $327 million. Meanwhile, the Grayscale Mini Trust (ETH) registered a net cash inflow of about $45 million.
Among the ETFs, the Fidelity Ethereum Fund (FETH) emerged as the biggest gainer on Wednesday, attracting around $74 million. The Bitwise Ethereum ETF (ETHW) and the VanEck Ethereum ETF (ETHV) followed, with net cash inflows of about $29.6 million and $19.8 million, respectively.
Despite the significant regulatory shift, Ethereum’s price has continued to consolidate over the past five months. Having dipped below the 50 and 200 daily Moving Averages (MAs), ETH is poised to potentially fall below $3,000 and test the support level around $2,868.
Popular crypto analyst Sheldon the Sniper predicts that Ethereum may find solid support around $3,097, aligning with the 0.618 daily Fibonacci extension. He forecasts that ETH’s price could reach $4,000 within the next one to two weeks.
Also Read: Why Ethereum Price is Down Today? Analyzing ETH Price Correction Post-ETF Launch
What’s your Ethereum outlook? Share your thoughts.
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