Key Takeaways:
Ethereum ETF flows flipped negative again as the bullish sentiment driven by the victory of Donald Trump subsided. The Ethereum ETF has shown this downward trend after a hype of 6 consecutive days. The price of the ETF has flipped by 6% in the last 24 hours of reporting. The price fluctuation was moving to $3,000 losing over $22 billion market capitalization.
Spot Ethereum ETF Flipped Negative
Ethereum ETH faced outflows after 6 consecutive days of inflows. The outflow of Ethereum ETF is seen on November 14 ever since the victory of Donald Trump on November 5. The spot ether ETF experienced strong inflows as the ETH price increased about 40% in the weekly time frame and it is about to reach $3400. From the November top, the price of ETH has been corrected nearly by 10%. The main reason behind this correction is that the Bulls try to defend $3,000 levels.
In the middle of the recent ETH price action, popular cryptos have started to build a position in Ethereum and add further Ethereum if the price drop reaches $2,800. The decision to increase the exposure is based on the stability of Bitcoin and is expected to prevent a quick pullback to the low 80k range. This will allow the Ethereum to continue its upward trend.
The traders understand that a small range is forming that pushes it into local demand with the untapped highs. These traders are aiming to reach towards $3,500 + level before causing a recession. The trader also focuses on the invalidation point to the higher time frame ETF strategy at $2,350.
Ethereum: Current Market Analysis
The current trading volume of Ethereum for the past 24 hours is $4,878.26. This represents a decline of 23.00% from the previous day. The recent fall in teh market activity has raised concerns among investors. The lowest recorded price of Ethereum was on October 20, 2015. The current price has surged to 714,017.65% compared to the lowest price. The fully diluted valuation of the ETH is $372,288,496. The price of ETH has increased by 5.80% in the last seven days. Ethereum is currently outperforming the global cryptocurrency market.
ETH tokens are available on both centralized crypto exchanges. Tapbit is the most popular option with a trading volume of $1,249,496,954 for the last 24 hours. It has an active trading pair ETH/USDT. You can also have ETH from other exchanges like Binance and Bitmart. Ensure to compare among the options before finalizing the crypto exchange. Check for the reliability, performance, customer rating, and transaction cost of the exchange.
Ethereum: Analysis of Future
Expert traders suggest that traders who missed the initial entry opportunity might get a second chance near the limit of $3,000.The trader also suggested that there will be a swift shift in the market sentiment. A negative sentiment has led to widespread pessimism and negativity towards the asset. However, traders believe that there is a strong potential for a rebound ahead. This is expected to bring back the inflows to the Ethereum ETF.
Recent price analysis hints that the bullish predictions made by the analyst for the crypto potentially hitting $4000 by the end of this November. But to continue the trend broader market support is required.
The ETH token powers the network and it is used for transactions. It is a utility token that can be traded on multiple centralized and decentralized crypto exchanges. It is possible to use the token as a deposit for collateral for taking loans.
The market capitalization of Ethereum is $372,388,032,496 with a live price of $3,116.44 USD. ETH is down by 2.09% in the past 24 hours.
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