Ethereum is Losing Blood with ETFs: 2 Reasons Explained That the Decline May Continue!

The analyst noted that Ethereum experienced a decline due to the sell news from ETFs, seasonal difficulty and Mt. He said that the basic indicator originating from Gox may continue the selling pressure. 

The fact that Ethereum ETFs started trading on US stock exchanges after Bitcoin led to optimism in the cryptocurrency market. However, rising prices hosted sharp declines after the Ethereum listing. According to the report published by Markus Thielen, founder of research firm 10x Research, this selling trend resembles a familiar pattern seen in the listings of spot Bitcoin ETFs.

Thielen noted that many traders expected Ethereum ETFs to see 20 percent as much investment as Bitcoin ETFs, but they ignored possible billion-dollar exits from Grayscale and the "news sell" reaction of exchange listings.

Stating that the launch of Ethereum ETFs comes at a seasonally difficult time, Thielen said that Mt. He drew attention to the fact that it came at the same time with Gox. The report states that Ethereum was overbought prior to the ETF launch and Ethereum's fundamentals were weak. 

According to CoinGecko data, the Ethereum price has fallen by approximately 8 percent in the last 24 hours due to the impact of market uncertainty. It is also stated that Ethereum may exhibit a weak performance as memecoin issuances shift to Solana.