Ethereum spot ETFs saw their first outflows following Donald Trump’s victory as ETH prices came under selling pressure, testing $3,000 support.
After six consecutive days of inflows, spot Ethereum ETF inflows turned negative again on Thursday as bullish sentiment driven by the Trump trade faded. ETH prices also fell 6% in the past 24 hours, all the way to $3,000, losing more than $22 billion in market value.
Spot Ethereum ETF turns negative
After six consecutive days of inflows, the U.S. spot Ethereum ETF has seen outflows again. On November 14, the Ethereum ETF experienced a small outflow of $3.24 million, the first since Donald Trump’s victory on November 5.
Despite this, BlackRock’s Ethereum ETF (ETHA) saw net inflows of $18.87 million in a single day. However, Grayscale’s ETHE saw outflows of nearly $22 million yesterday. Moreover, inflows to other Ethereum ETFs have dried up significantly, according to data from SoSoValue.
Following Donald Trump’s victory on November 5, spot Ethereum ETFs saw strong inflows as the Ethereum price rallied 40% on the weekly timeframe, all the way to $3,400. However, since the November top, the ETH price has retraced nearly 10% as bulls attempt to defend the $3,000 level.
ETH price action in turbulent markets
Popular cryptocurrency trader Credibull Crypto has started building a position in Ethereum (ETH) amid recent ETH price action and is looking to increase further if ETH drops to $2,800 amid current low time frame (LTF) price action and crypto market declines. The decision to increase exposure is based on Bitcoin’s recent stability, which could prevent a quick pullback to the low $80 range and allow ETH to continue to rise.
The trader noted that a small range is forming, driving local demand with unexplored local highs above. They are eyeing potential gains near the $3,500+ level before re-evaluating. However, the trader highlighted that the invalidation point for their high timeframe (TF) ETH strategy is $2,350.
Popular trading account IncomeSharks suggests that traders who missed out on the initial entry may find a second chance near the Supertrend support just below $3,000. The trader also added that the rapid shift in sentiment as “a few red candles” led to widespread pessimism and negativity towards the asset. However, he sees a high potential for a future rally. This could lead to a resumption of inflows into spot Ethereum ETFs.
Analysts have been making bullish predictions for the cryptocurrency, and recent Ethereum price analysis suggests it could reach $4,000 by the end of November. However, it will need support from the broader market for this rally to continue.
