CandleFocus Ethereum ETFs record another week of heavy outflows as whales shed their holdings
2024-09-10
Author: Content Editor
Ethereum (ETH) is up 2.5% as it tries to recover from selling pressure from ETF investors and large holders. Last week, ETH ETFs experienced a net outflow of $98.1 million, with Grayscale ETHE seeing the largest outflow of $111 million. Data shows that Ethereum whales with holdings of over 10K ETH have been selling or redistributing their holdings since July. Various transactions, including those from asset manager Metalpha and the Ethereum Foundation, suggest selling activity. On a positive note, Ethereum saw a 4-month high in network growth, adding 126,210 new wallets. Ethereum is currently trading at around $2,330 and could face resistance at $2,400, while support is at $2,100. The RSI indicates rising bullish momentum and the Stochastic Oscillator suggests a possible correction. In the short term, ETH could rise to $2,365 and liquidate $47.09 million worth of positions.
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