Ethereum is facing increasing pressure as investors continue to withdraw money from Ethereum ETFs amid market declines.
summary
- $219.37 million was outflowed from the Ethereum ETF, marking the fifth consecutive day of redemptions.
- BlackRock’s ETH led the exit with $111.08 million, followed by Grayscale’s ETH with $68.64 million.
- Ethereum price is trading at $3,300, with trading volume increasing by 33.8%, indicating renewed interest.
The Ethereum ETF has now recorded five consecutive days of outflows, highlighting the persistence of investor pessimism amid deteriorating market sentiment. In the past 24 hours alone, more than $219.37 million was withdrawn from Ethereum-based exchange-traded funds led by some of the market’s biggest asset managers, according to SoSoValue data.
BlackRock’s ETH product recorded the largest outflow with $111.08 million, followed by Grayscale’s ETH product with $68.64 million. Furthermore, Fidelity’s FETH and Grayscale’s ETHE recorded outflows of $19.86 million and $19.78 million, respectively.
Five other issuers, including 21Shares, Bitwise, VanEck, Invesco and Franklin Templeton, showed no movement, further underscoring the market’s waning enthusiasm for the fund. Similarly, the Spot Bitcoin ETF has recorded five consecutive days of outflows, most recently at $577.74 million.
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This continued capital flight comes as Ethereum faces increasing market-wide downward pressure, with approximately $2 billion liquidated in the past day. The ‘Uptober’ failure story was further exacerbated by macroeconomic uncertainty and the ongoing US government shutdown, leading many investors to take profits or reduce their exposure to volatile assets such as ETH.
Ethereum ETF outflows amid falling prices
According to data from Crypto.news, Ethereum is currently trading at $3,300, registering a modest increase of 0.42% in the past 24 hours. Despite the slight recovery, the asset remains well below its recent highs, dropping to a multi-week low of $3,160 earlier this week. Analysts believe this pullback reflects a decline in selling strength, but a clear bullish reversal remains elusive.
Trading volume over the past day increased 33.75% to $74 billion, showing renewed interest from both buyers and sellers. The Relative Strength Index (RSI) is currently hovering at 30.03, just above the oversold threshold, suggesting that selling pressure may be easing. Meanwhile, the average directional index (ADX) of 24.36 still indicates a moderately strong trend biased to the downside.
Technically, ETH needs to stay above the $3,200 to $3,250 zone to avoid further decline. If it stabilizes, resistance levels near $3,400 and $3,520 could become the next upside targets. However, renewed bearish momentum could push the price back to $3,160 or even the key psychological and technical support level of $3,000.
Market participants remain cautious as the Ethereum ETF continues to experience outflows for the fifth day in a row, watching for signs of stabilization or further correction across the cryptocurrency industry.
ETH price chart |Source: crypto.news
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