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- Ethereum ETF recorded an outflow exceeding $20 million.
- ETH has forfeited much of its earlier session gains.
Recent analytics indicated that the Ethereum ETF encountered negative flows during the last trading day, marking the second day in a row of withdrawals.
This occurred even though the price of Ethereum [ETH] concluded the trading day positively, with a net increase.
Ethereum ETF faces consecutive withdrawals
Data sourced from Sosovalue highlights that on September 12th, the Ethereum ETF experienced yet another day of outflows. This continues a trend despite ETH having a positive close in the previous session.
Moreover, the analysis disclosed that other ETFs based in the US saw no net flows, except Grayscale, which noted an outflow of $20.14 million. Currently, the total net asset value hovers around $6.45 billion.
Source: SosoValue
The outflows from the ETF might signal that investors are taking profits or shifting their assets, even with Ethereum’s price showing a positive movement.
This trend implies that while there could be short-term adjustments among institutional investors, the demand from retail and direct markets for Ethereum appears to remain robust, fostering price stability or potential growth despite the ETF withdrawals.
ETH positioned between gains and losses
AMBCrypto’s evaluation of Ethereum’s daily price chart indicated that ETH concluded the last trading session with an almost 1% rise, positioning its price at around $2,361.
However, as of this writing, the leading altcoin has diminished most of those gains, trading approximately at $2,350 at the time of reporting, reflecting a decline of 0.45%.
Source: TradingView
Further examination suggested that ETH’s price remained low, similar to the trends seen in the Ethereum ETF flows, as it struggled to move towards the $2,500 mark.
The short-term moving average (yellow line) has emerged as a critical resistance point near this price range, with ETH consistently failing to surpass it.
This resistance around $2,500 has proven resilient, representing a significant challenge for Ethereum’s price dynamics.
Accumulation by holders persists
An evaluation of the Ethereum holder statistics indicated that the count of ETH holders has continued to rise despite the recent outflow patterns from the Ethereum ETF.
As of the latest update, the total number of holders has exceeded 127 million, reflecting a steady upward trajectory.
Explore Ethereum’s [ETH] Price Prediction for 2024-25
This trend suggests that the number of addresses with non-zero balances is increasing, indicating that more addresses are actively purchasing ETH.
Source: Santiment
The increase in the number of holders is considered a positive sign, especially amid the currently muted price actions and Ethereum facing resistance near the $2,500 mark.
