Grayscale’s ETHE shares saw significant outflows totaling $41.7 million on Friday. Institutional investors favored $BTC , while $ETH ’s appeal has diminished. So, will Ethereum (ETH) reach $3000 again?
As of the date of writing, Ethereum is trading at $2,638. The leading altcoin has lost almost 10% of its value in the last week. Despite the outflows in the middle of the week, a total of $104.8 million entered the spot #Ethereum✅ #ETF .
Will Ethereum (ETH) Reach $3000 Again?
Despite the mixed performance of spot Ethereum ETFs, the price of #ETH remained relatively stable. ETH price traded between $2,300 and $2,650 throughout the week. However, market behavior suggests a possible shift in sentiment.
Manta Coin Could Be Poised for a Rise!
According to QCP Capital’s analysis, there is a fundamental change in the liquidity profiles of Bitcoin (BTC) and Ethereum. BTC is increasingly seen as “digital gold” and is attracting institutional investors. In contrast, ETH appears to be losing some of its appeal as a speculative asset.
With Ethereum price trading at $2,600, the bulls may attempt to push the price towards $3,000. However, technical indicators like the looming death cross between the 50-day and 200-day exponential moving averages (EMAs) suggest that selling pressure could intensify. This could potentially push the ETH price down to $1,830.