Compass Investments

– Ethereum-backed ETFs have seen their seventh consecutive week of outflows, with $82.47 million withdrawn in the past week.

The price of ETH fell 11% over the past week, with bearish indicators hinting at a possible drop below $1,500.

Lack of institutional support and selling pressure may hinder Ethereum’s short-term upside.

Ethereum ETFs ended the week in the negative, recording net outflows amid continued investor indecision.

It’s worth noting that there hasn’t been a single week of net inflows since late February, indicating a decline in institutional interest in ETH products.

Ethereum-backed ETFs recorded their seventh consecutive week of net outflows, signaling the continued hesitation of institutional investors towards the asset.

In this week alone, net outflows from spot ETH ETFs totaled $82.47 million, up 39% from the $49 million recorded the previous week.

With institutional investors steadily reducing their presence in the ETH market, selling pressure on the coin has increased significantly.

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In the last week, the price of ETH has dropped by 11% . Continuous outflows from coin-backed funds suggest that the downward momentum may continue, increasing the likelihood of the price falling below $1,500.

On the price chart, technical indicators remain bearish, confirming the growing selling pressure in the market. For example, at the moment, ETH’s Directional Movement Index (DMI) readings show that its positive Directional Index (DI) is below its negative Directional Index (-DI).

The DMI indicator measures the strength of an asset’s price trend. It consists of two lines: DI, which reflects upward price movement, and -DI, which reflects downward price movement.

As with ETH, when DI is below -DI, the market is in a bearish trend and downward price movement dominates market sentiment.

A lack of institutional capital could delay any significant rebound in the price of ETH, further dampening the short-term prospects for recovery. If demand continues to weaken, ETH could break out of its narrow range and continue its downtrend.