CandleFocus Ethereum risks decline to $2,395 amid impressive ETF inflows
2024-10-01
Author: Content Editor
Ethereum (ETH) is currently trading around $2,595, down 2% on Monday, as the Ethereum Foundation continues to sell ETH. However, despite the price decrease, US spot Ethereum ETFs have seen net inflows of $85 million, their first positive week in six weeks. BlackRock's ETHA and Fidelity's FETH were the leading ETFs in terms of inflows. The Ethereum Foundation sold 100 ETH for 263,000 DAI on Monday, bringing their total sales in 2024 to 3,766 ETH. Some community members have expressed concerns about the sales, but the proceeds are intended for research and projects to improve the Ethereum ecosystem. The current price movement of ETH suggests a potential decline towards the $2,395 level if the $2,595 support fails. However, a candlestick close above $2,707 would invalidate the bearish thesis.
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