Ethereum’s Price Chart Targets Sub-$3k As Spot Etf Demand Cools

Ethereum’s price risked a deeper correction toward $2,800 as institutional demand through ETH ETFs and treasury companies declined

Ethereum ETFs experienced outflows for three consecutive days, totaling $364 million.

Strategic Ether reserves and ETF holdings have dropped by 124,060 ETH since mid-October.

Ether’s descending triangle is in play on the eight-hour chart, targeting $2,870 ETH price.

Ether (ETH) fell 14% over the past 30 days, dropping below $4,000 to trade at $3,724 on Monday. However, technical and ETF data are not showing much bullishness, increasing the odds of a further correction below $3,000.

The decrease in Ether’s price can be attributed to investors’ de-risking behavior, which is visible across the spot Ethereum exchange-traded funds (ETFs). Traders have been withdrawing capital from these investment products over the last two weeks.

Related: ETFs will usher institutions into altcoins, just like Bitcoin: Analyst

US-based spot Ether ETFs have recorded a streak of outflows over the past three days, totaling $363.8 million, according to data from SoSoValue.

As Cointelegraph reported, the four-day inflow streak into the new US-based spot Solana ETFs implies continued capital rotation from Bitcoin and Ether funds.

Data from StrategicETHreserve.xyz indicates that collective holdings of strategic reserves and ETFs have dropped by 124,060 ETH since Oct. 16.

Source: CoinTelegraph