Ethereum Price Struggles Below $2800 Amid ETF Outflows
Ethereum's price has been struggling to break through the $2,800 resistance zone, and recent ETF outflows have added to the bearish sentiment. The asset has declined to around $2,680, with CoinGecko data showing a loss over both the 24-hour and seven-day periods. Trader XO believes that Ethereum can recover above $2,720, which would open up another leg higher for the price.
However, if Ethereum fails to regain the $2,720 level, it could lead to a sharper correction, with support at around $2,550. The ETF outflows on September 29 were small compared to the prior week's inflows, but they do indicate a pause in the recent run of positive U.S. fund flows.
The upcoming U.S. inflation and employment data, as well as Treasury yields, remain key factors that could impact Ethereum's price. The benchmark 10-year yield has reached its highest level since 2007, and expectations for further Federal Reserve tightening have changed quickly.