Ethereum ETF Outflow Exceeds $77 Million Following FOMC Meeting, What Lies Ahead For ETH?
Ethereum saw another massive outflow of $77.2 million as of yesterday, July 31. This continues the trend of negative flows despite a rebound on Tuesday. These outflows indicate a bearish sentiment as the Federal Reserve decided to keep interest rates unchanged.
Grayscale’s Ethereum Trust (ETHE) experienced the largest outflows, losing $133.3 million, bringing its total outflows to nearly $2 billion over just seven trading days. This decline was reflected in the price of Ethereum, which fell from $3,340 to around $3,100.
Among the various ETFs, BlackRock’s Ethereum ETF (ETHA) saw a modest inflow of $5 million, while Franklin Templeton’s FETH recorded the highest inflow of $18.8 million for the day. VanEck’s ETHV and Bitwise’s ETHW also reported inflows of $4.8 million and $4.7 million, respectively.
Despite these positive movements, the cumulative net outflow for eight spot Ethereum ETFs over seven trading days reached a staggering $483.6 million. These outflows coincided with the Federal Open Market Committee’s (FOMC) decision to maintain interest rates at 5.50%.
At press time, Ethereum (ETH) is 3.68% lower trading at $3,188.48 over the last 24 hours. Given the current market sentiment, will the ETH price see a bullish reversal, or will it plunge towards its crucial support level of $2,800?
If the market regains momentum, Ethereum’s (ETH) price will aim to retest its resistance level of $3,300. With increasing bullish sentiment in the crypto space, the ETH token could break out of its descending channel pattern and move toward its upper level of $3,700.
However, if the bearish trend continues to dominate the crypto market, Ethereum’s (ETH) price could plunge towards its crucial support level of $2,800 this month.
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