•Spot Ethereum ETFs clocked nearly $170 million outflows in the past week.
•ETH price faced a downtrend amid the negative flows and fears of a recession.
•However, on-chain activity revealed that #ETH🔥🔥🔥🔥 whales were buying the dip.
In a turbulent week for the newly launched Spot Ethereum ETFs, #ETHETFsApproved the market witnessed significant outflows totaling $169.4 million. This period was marked by a series of substantial daily fluctuations in ETF flows, painting a complex picture for investors and analysts alike. Despite recent bullish signs from whale activity, ETH price has continued a downward trend. #US_Job_Market_Slowdown
Moreover, the ETH market capitalization reduced to $345.8 billion amid fears of an economic recession in the U.S. According to the Ethereum price analysis posted by Coingape earlier, the daily chart reveals that ETH is approaching a critical support level within a flag pattern.
