Crypto
Ethereum Price Slumps Amid Institutional Outflows and Layer-2 Network Shutdown
Ethereum (ETH) traded at $2,677.74 after slipping 1.6% on the day, sitting below its key moving averages, indicating near-term pressure.
On October 1, $55.37 million was pulled from Ethereum exchange-traded products, reducing institutional exposure and dampening price support.
The upcoming shutdown of the Ethereum Layer-2 network Blast by October 26 is creating operational uncertainty for users.
The H4 chart shows ETH/USD trading below the MA-20 and MA-50, with the MA-200 still providing long-term support.
The probability of a move higher stands at 45%, leaving a greater risk of further downside under current conditions.