New data has emerged indicating that the Ethereum ETF witnessed a negative outflow during its most recent trading session, marking the second consecutive day of capital leaving the fund. This flow occurred even as the price of Ethereum [ETH] closed on a positive note, concluding the session with gains.
Continued Outflows for Ethereum ETF
According to information from Sosovalue, the Ethereum ETF experienced another day of outflows on September 12th. This signals an ongoing trend despite ETH ending the previous trading session with positive results. Furthermore, analysis revealed that US-based ETFs, with the exception of Grayscale, saw no significant net flow, while Grayscale itself observed an outflow of $20.14 million. Presently, the overall net asset value stands at approximately $6.45 billion.
The outflows from the ETF might suggest that investors are either taking profits or reallocating their funds, even with Ethereum’s price demonstrating an upward trajectory.
This pattern implies that although institutional investors may be making short-term adjustments, there appears to be strong demand from retail and direct market participants for Ethereum. This demand could potentially lead to price stability or growth despite the outflows from the ETF.
ETH Struggles Amidst Fluctuating Fortunes
An analysis of Ethereum’s daily price chart by CryptoCrypto has shown that ETH concluded the last trading session with an almost 1% increase, reaching a price of approximately $2,361. However, as of the latest update, Ethereum has relinquished most of those gains and is trading at around $2,350, reflecting a 0.45% decline.
Further examination revealed that Ethereum’s price movement has been subdued, mirroring the flow trends of the Ethereum ETF, as it faces challenges in surpassing the $2,500 price mark. The yellow line representing the short-moving average has become a prominent resistance level in this price range, consistently impeding ETH from breaking through.
The resistance at $2,500 remains steadfast, posing a significant obstacle for Ethereum’s price momentum.
Holders Persist in Accumulating
Analysis of the Ethereum holders’ chart has indicated a continuous increase in the number of ETH holders despite the recent outflows from the Ethereum ETF. At present, the number of holders has exceeded 127 million, displaying a consistent upward trend.
This rise in the count of holders suggests that more addresses are actively acquiring ETH, even amidst the current price stability and Ethereum’s struggles to breach the $2,500 threshold.