Ethereum ETFs See Surge in Inflows Despite Grayscale Outflows

Ethereum Stability and Support Zone

Ethereum continues to show resilience amid the broader cryptocurrency market downturn. One week post ETF launch, Ethereum maintains stability despite increasing selling pressure. The immediate support zone ranges between $3,000 to $3,300, with buyers confident in a positive trend.

Potential for Price Expansion

If buying pressure escalates, Ethereum could surpass $3,500, potentially leading to further market expansion. This momentum might trigger a rally towards the $4,100 mark, potentially setting new all-time highs (ATH).

Current Price and Market Conditions

Despite heightened selling pressure, Ethereum remains above the $3,300 mark, currently trading at $3,316 according to CoinMarketCap data. If the price trend mirrors the bear bars observed on July 24th and 25th, aggressive sellers may continue to liquidate positions. However, conservative traders may target the $3,500 entry point. A high-volume close above this level could stimulate increased demand, potentially initiating a bull run as the price approaches $3,700.

ETF Performance and Market Inflows

U.S. spot Ethereum ETFs have registered positive inflows since their launch on July 23rd, indicating a potential turnaround in market sentiment. Despite this positive trend, Grayscale’s Ethereum Trust (ETHE) has seen outflows amounting to $120.3 million by July 30th. Conversely, BlackRock’s iShares Ethereum Trust (ETHA) has countered this with an inflow of $117.9 million. Other contributors include:

• Fidelity’s Advantage Ether ETF (FETH): Inflows of $16.4 million
• Bitwise Ethereum Fund (ETHW): Inflows of $3.5 million
• Franklin Ethereum ETF: Inflows of $3.7 million

Expert Analysis and Predictions

Steno Research analyst Mads Eberhardt anticipates a slowdown in Grayscale’s outflows, suggesting a reduction in initial pressure. Drawing parallels with Bitcoin’s price trend post-spot Bitcoin ETF launches, Eberhardt predicts Ethereum will follow a similar trajectory, potentially initiating a price increase once stability is achieved.