CandleFocus Ethereum Price Forecast: Investors book over $2.5 billion in profits as ETH declines nearly 10%
2024-12-10
Author: Content Editor
The price of Ethereum (ETH) decreased by 10% as investors took profits, resulting in a two-year high in futures liquidations. However, Ethereum exchange-traded funds (ETFs) experienced a record net inflow of $836.8 million, indicating increased institutional interest. Despite the selling pressure, there was a decrease in ETH held on exchanges, suggesting long-term holding and bullish pressure. However, ETH staking flows indicated high unstaking activity, signaling a bias towards selling. Investors have booked profits of over $2.5 billion in the past week, potentially contributing to the price decline. Some long-term holders also distributed their tokens, further impacting the price. Ethereum currently trades near $2,680, with the potential for a bounce off the $3,550 support level or a decline towards $2,817. The Relative Strength Index (RSI) suggests weakening bullish momentum.
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