Ethereum Dips Below $2,500: A Record Outflow from Spot ETH ETFs on Friday
Ether stabilized after experiencing significant price fluctuations and recorded the highest outflows from ETH ETFs this month.
Ethereum Dips Below $2,500: A Record Outflow from Spot ETH ETFs on Friday
Ether (ETH) showed some recovery on Saturday following a tumultuous week characterized by substantial institutional withdrawals. On June 20, U.S.-listed spot ETH ETFs noted $11.3 million in net outflows—the most considerable single-day drop this month, as reported by data from Farside Investors.
Key Insights:
- ETH decreased more than 4% amid a severe sell-off, reaching $2,372 before rebounding above $2,440, establishing a fresh support level.
- Friday’s outflows from U.S.-listed ETH ETFs peaked at $11.3 million, primarily driven by BlackRock’s ETHA with a loss of $19.7 million, although Grayscale and VanEck products experienced inflows that partially countered these losses.
- Trading surged, with 24-hour volume climbing nearly 19% over the 7-day average, reflecting increased market engagement during the price recovery.
The dynamic in the market indicates that large institutions might be lowering their ETH stake, even though some funds like Grayscale continue to attract investments. As Ether briefly touched $2,372.85, buyers quickly appeared around the $2,420–$2,430 range, thereby forming a reliable support area, confirmed by various low-volume tests that indicate accumulation.
The surge in 24-hour trading activity suggests a keen interest from traders during this rebound, with ETH closing around $2,445 and forming an upward trendline of higher lows. However, the crucial resistance zone remains between $2,480 and $2,500.
Technical Highlights:
- The ETH-USD trading range over the last 24 hours was $186.44 (7.25%), with the lowest point marked at $2,372.85.
- The significant drop occurred between 17:00, coinciding with a notable spike in trading volume approximating five times the average.
- A robust support zone has emerged between $2,420 and $2,430, supported by multiple successful rejections accompanied by declining sell-side volume.
- ETH has reclaimed over a third of its previous losses and has constructed an ascending trendline indicative of greater stability.
- In subsequent hours, trading volumes surged again, suggesting bullish momentum pushing prices closer to the $2,445 mark.
Disclaimer: Portions of this content were produced with AI assistance and subjected to editorial review to meet accuracy and compliance standards.
