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Ethereum Faces Sell-Off: ETF Outflows and Whale Dumps Raise Concerns
#Ethereum #EthereumETF #ETF #Write2earn
Ethereum (ETH) is facing significant selling pressure, driven by large outflows from Ethereum ETFs and a notable sell-off by a major ETH whale, raising concerns about a potential price drop.
Ethereum ETF Outflows Reflect Investor Caution
On August 15, Ethereum ETFs saw a substantial net outflow of $39.2 million, with Grayscale’s Ethereum Trust leading the withdrawals. The total net asset value of spot Ethereum ETFs has fallen to $7.16 billion, down from over $10 billion at launch. This signals growing investor caution regarding ETH's short-term prospects.
Whale Sell-Off Adds to Bearish Sentiment
A prominent Ethereum whale recently sold 2,978 ETH, making a $720,000 profit during market volatility. This sell-off, along with $46.97 million in Ether long liquidations and a $25 million ETH sale by BlockTower Capital, has intensified the bearish outlook. Analyst Ali Martinez noted a TD Sequential sell signal on Ethereum’s chart, predicting a potential short-term
correction.
Staking Inflows and Price Outlook
Large staking inflows, often followed by price drops, are adding to the negative sentiment. Ethereum is currently trading between critical support at $2,060 and resistance at $2,817. A "death cross" formation on the weekly chart could further accelerate ETH's decline, with the RSI at 42 suggesting more downside potential before any reversal.
