ETH Price Soars Despite ETF Outflows
Ethereum Price Jumps Amidst ETF Outflows
On Saturday, Ethereum (ETH) captured significant investor attention, briefly surpassing $2,000. This upward trajectory is notable given the consistent daily outflows from Ethereum ETFs in recent days. While daily outflows have remained below $20 million, market observers are closely watching for potential shifts in this trend.
Key Data Points:
- ETH price saw a 2% increase in the past 24 hours, closing at $1,995.
- Weekly outflows (March 14-21) from Ethereum ETFs totaled $102.89 million, according to Sosovalue data.
- Daily outflows on March 19, 20, and 21 reached $11.72 million, $12.41 million, and $18.63 million, respectively.
The price increase, approximately 5% since the last instance of over $20 million in ETF outflows (March 18), has fueled speculation about a potential slowdown in outflows.
Is an ETH Supply Shock Imminent?
On-chain data adds to the bullish sentiment. Analyst Merlijn The Trader reported that whales accumulated $236 million worth of ETH in the past 72 hours. This significant buying pressure suggests a potential price rebound. Additionally, analyst Crypto Rover highlighted that Ethereum reserves on exchanges have hit an all-time low (ATL). This dwindling supply, coupled with increased demand, could trigger a supply shock and further support price appreciation.
Analyst Predicts 100% ETH Price Surge
Market expert Patron noted that ETH has held a key support level near $1,978. A sustained break above this level, combined with other bullish indicators, could potentially lead to a 100% rally. Projected targets include $2,296, $2,913, and $4,000.
However, the fear and greed index for ETH currently stands at 37, indicating investor caution. This caution is likely influenced by broader macroeconomic factors and decreasing institutional interest.
Disclaimer: This analysis reflects current market conditions and expert opinions. Conduct thorough research before making any investment decisions. Codeum is not responsible for individual financial losses.
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