Spot ETH ETFs See Continuous Outflows
According to SosoValue data, spot ETH ETFs have recorded 11 straight days of withdrawals, totaling over $370 million. Investors remain bearish, with a mere day of inflows during March. The total net asset value of all U.S. spot ETH ETFs currently stands at $7.01 billion, a decrease of 44% since the beginning of the year.
Ongoing outflows indicate that more is being taken out than invested. The trend is adding to selling pressure and reflects a crisis of confidence in Ethereum’s short-term market direction.
The open interest (OI) of Ethereum has also reduced, falling 20% in the last month to $6.58 billion. Falling OI means that traders are closing out positions rather than opening them, reflecting lower market activity and uncertainty regarding Ethereum’s price direction. Possible Rebound as MACD Golden Cross Forms
Possible Rebound as MACD Golden Cross Forms
Despite the downtrend, Ethereum could see a reversal. The Moving Average Convergence Divergence (MACD) indicator has formed a golden cross, a bullish indicator that shows rising buying pressure.
If the momentum increases speed, Ethereum can go up to $2,224. However, if the downtrend continues, the price can drop below $2,000, maybe to $1,924.
