Ethereum Price Plunges 4% as ETH ETFs Record Positive Inflows This Week

The Ethereum (ETH) price buyer momentum is dwindling as the altcoin is down 4%, with the ETH/USD trading at $2,626. Despite the sharp decline, its 24-hour trading volume is up 5% to $15 billion, indicating intense activity among investors and traders. This comes as Spot Ethereum exchange-traded funds(ETH ETFs) witnessed positive inflows for the third consecutive day this week, in contrast to spot Bitcoin ETFs, which saw substantial outflows

The #Ethereum ETF has a consistent and stable inflow.

This will likely continue in the upcoming period when we'll see a gradual increase in the price of $ETH. pic.twitter.com/aMtTsb082B

— Michaël van de Poppe (@CryptoMichNL) August 14, 2024

According to data from SoSoValue, nine Ethereum ETFs collectively attracted $10.8 million, continuing a week of gains with previous daily inflows of $24.3 million and $4.9 million. 

On the other hand, the twelve U.S. spot Bitcoin ETFs registered a collective outflow of $81.36 million, ending their short-lived positive flow as per SoSoValue. BlackRock’s (IBIT) and Franklin’s (EZBC) took the lead, recording inflows of $2.68 million and $3.42 million, respectively. Meanwhile, Grayscale’s (GBTC) saw the highest outflows, totaling $56.87 million.

🚨 US #ETF 14 AUG: 🔴$81M to $BTC and 🟢$11M to $ETH

🌟 BTC ETF UPDATE (final): -$81M

• The net flow turned negative after 2 days of being positive.

• #Grayscale (GBTC) saw its outflow double, from $28.6M to $56.9M.

• Four other major US Bitcoin ETFs, including BlackRock,… pic.twitter.com/48ppZ9LAJJ

— Spot On Chain (@spotonchain) August 15, 2024

Other notable outflows included $18.05 million from Fidelity’s (FBTC), $6.77 million from Ark and 21Shares’ (ARKB), and $5.78 million from Bitwise’s (BITB). The remaining six Bitcoin ETFs reported no changes in their daily inflows or outflows.

Ethereum Statistical Data

Based on CoinmarketCap data:

• ETH price now – $2,626
• ETH market cap – $315 billion
• ETH total supply –120 million
• ETH circulating supply – 120 million 
• ETH ranking – #2

ETH Could Drop Further Below the Bearish Flag

The Ethereum price is trading bearishly within the confines of a bearish flag as the bulls struggle to propel the token above the $3,000 resistance. Despite the sellers showing resilience, the bulls have eventually managed to flip the 50-day Simple Moving Average (SMA) into support at $2,606. However, to be safe, bulls must uphold higher support at $3,067 to encourage already sidelined investors to join the uptrend without worrying about sudden corrections in the market.

The Relative Strength Index(RSI) is below the 50-mean level, currently at 46. This suggests that the sellers are having the upper hand, tilting the odds towards the south. If the bulls won’t initiate a buy-back campaign at this level, the RSI could drop to the 30-oversold region. However, the RSI could exceed the 50 threshold if the bulls increase their buying appetite.

The Moving Average Convergence Divergence (MACD) indicator upholds the negative outlook. It has flipped below the orange signal line, suggesting a sell signal in the ETH market. As the blue MACD line flips above the orange signal line, more traders are expected to increase their exposure to Ethereum longs. This will be manifested as the MACD builds momentum for the next breakout above the immediate and stubborn resistance at $3,067.

Ethereum Price Prediction

On the 4-hour chart, the bulls aim to push the price above the resistance zone, targeting the $3,000 key. If they manage to flip the immediate resistance at $3,067 into the support floor, the Ethereum price could rally to $3,200. Conversely, the ETH price may drop with the RSI and MACD, suggesting a sell signal. Moreover, if the bears capitalize on the bearish flag, the $2,606 support may be breached. In such a case, the Ethereum price could plunge to $2,327.