Key Insights:
- Ethereum spot ETFs recorded $197M outflows, marking the second-largest in history.
- Ethereum faces resistance of nearly $4,700 but remains above $4,200, showing resilience.
- Wyckoff Phase D signals Ethereum’s potential rise to $6,000 after the accumulation phase.
Ethereum (ETH) has experienced notable fluctuations as it approaches critical levels. Ethereum witnessed a significant development as its spot ETFs recorded substantial net outflows of $197 million.
Ethereum’s Spot ETF Outflows
Ethereum spot ETFs saw significant withdrawals recently, totaling $197 million on August 18. This marks the second-largest outflow in the history of Ethereum spot ETFs. On the other hand, Bitcoin ETFs experienced $122 million in net outflows. Bitwise ETF (BITB) was the only fund to register net inflows during this period.
These outflows come amid a broader market trend of investors moving assets from Ethereum ETFs. This move raises questions about the potential future trends in the Ethereum market.
Despite the outflows, Ethereum’s price remains above $4,200, maintaining a strong market position. This shift in ETF flows may indicate a cautious investor outlook.
Ethereum Rally Faces Resistance at $4.7K
Meanwhile, Ethereum recently faced resistance at the $4,700 mark, where its rally stalled. This resistance level is critical as it marks a key zone for Ethereum’s price action.
Ethereum has recently approached its +1σ Active Realized Price, which is considered an overheated zone. The same level was a key rejection point earlier this year, and history shows that such price levels often coincide with local tops in Ethereum’s cycles.
Based on Cryptopolitan, Ethereum faces selling pressure around the $4,700 region, suggesting that the current resistance could limit short-term gains. This pattern of rejection from the $4,700 price level has been seen before, most notably in March 2024, where token saw similar pushback.
Ethereum $6,000 Target and Market Expectations
As Merlijn The Trader recently stated, Ethereum is entering a new phase. According to Wyckoff’s market cycle, Token has completed the accumulation phase and is now transitioning into markup mode. This suggests that Ethereum’s price could potentially rise to $6,000.
Merlijn stated that Phase D is locked, and the accumulation is complete, signaling a strong push toward higher prices. If the market follows the projected patterns, the target of $6,000 could become a reality.
However, while the market shows promise, the current resistance at $4,700 remains an obstacle. As of press time, token price is $4,237.28, and its 24-hour trading volume is over $49 billion.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/ethereum-spot-etfs-see-197-million-outflows-as-6000-targets-loom/
