Ethereum Price Drops to 3-Week Low as ETFs Suffer $118M Outflows
The price of Ethereum (ETH) has been falling, closing at its lowest level since September 20. This comes after three consecutive trading days of net outflows from US spot Ether ETFs, totaling $118 million. In contrast, Bitcoin funds have been gaining cash, with $102.7 million coming in on October 1.
While this is a warning signal for Ethereum's price prediction, it's not yet a break. The price has been above its 50-day and 200-day averages, which are around $2,465 and $2,315, respectively.
A daily close above $2,775 would resolve the sideways phase to the upside, while a close below $2,645 would end it to the downside. Currently, the price is barely one percent above $2,645.
The direction of fund money is unambiguous, with Bitcoin adding just under one percent over the past seven days, while Ethereum gave up about half a percent. The supply question also looms, with around 1.6 million ETH queuing to exit staking.