Ethereum ETF Inflows Slow as Price Hovers Around $2,400
ethereum’s price has been stuck in a narrow range this week, dipping to $2,400 amid a broader crypto market downturn. This represents a 16% drop from its monthly high, signaling a technical correction.
Spot Ethereum ETFs saw a modest $40 million inflow this week,a notable drop from the previous week’s $528 million. This is the smallest increase since mid-May. Two factors likely contributed to this slowdown: investor hesitation due to declining crypto prices and a shortened trading week in the U.S. due to the Juneteenth holiday.
Despite the recent dip, Ethereum ETFs have seen inflows for six consecutive weeks, the longest streak since their approval last September. The total assets in these funds now stand at $9.6 billion, wiht BlackRock’s ETHA ETF leading at $5.28 billion and Fidelity’s FETH at $1.1 billion.
Ethereum’s ecosystem metrics have also taken a hit.Stablecoin transaction volume on the network has fallen by 31% over the past month, reaching $1.2 trillion.
On the technical front, Ethereum’s price has been consolidating as May 10, staying between $2,410 and $2,736. This pattern suggests a bullish flag formation,which typically precedes a strong upward move. If the price breaks above $2,735, it could signal a move towards $3,000.
For more insights, check out the ETH price chart.
