Ethereum spot ETFs saw a net outflow of $19.41 millions on 12 December as the price of ETH stalled at $3,000 levels.
The following is a summary of the information that you will find on this page.
- Ethereum ETFs saw net outflows totaling $19.41M dollars on December 12, amid mixed fund performance.
- Grayscale and Fidelity’s outflows were the main culprits for the lower totals.
- Analysts are bullish on ETH despite the short-term decline near support of $3,000
Grayscale ETHE and ETH fund combined with BlackRock ETHA saw withdrawals totaling $36.52 millions.
EthereumETH() was traded at 3,157, with a range from $3,054.43 up to $3,261.13 in a 24 hour period. In the last 24 hours, the token fell 5.4% and in the past 30 day it has fallen 12.6%.
Mixture of flows between Ethereum ETF providers
After a turbulent week, the December 12 outflows were accompanied by ETH ETFs. The largest inflow was $177.64 millions on December 9, followed by $57.58millions on December 10.
On December 11, the funds reversed, with a withdrawal of $42,37 million before the $19.41 millions on Thursday.
Fidelity FETH experienced $6.14m in withdrawals on 12 December. Grayscale’s ETHE legacy fund saw redemptions of $14.42 millions, and Grayscale’s mini ETH Trust posted withdrawals of $22.10million.
Bitwise’s BitW, VanEck’s ETHV and Franklin’s Franklin’s EZET as well as 21Shares’ QETH and Invesco’s QETH have all seen zero activity.
BlackRock ETHA is the biggest ETH ETF, with cumulative net flows of $13.23 billion.
Grayscale ETHE has accumulated a net loss of $5,02 billion since it converted from a trust. Fidelity FETH has received $2.66 billion total inflows.
As of December 12, the total net assets managed by Ethereum ETFs amounted to $19.42 billion. Total net flows across all funds totaled $13,09 billion. On December 12, the total traded value reached $1.84 billion.
Analysts look at inverse head-and-shoulders ETH pattern
Donald Dean has identified an inverse Head and Shoulders formation in Ethereum’s charts with a target price of $4,955.90. “Price recently launched higher from the volume shelf and is moving to the $3,300 volume shelf for a potential launch area,” Dean wrote on X.
The analyst raised the issue of the technical pattern that suggested ETH would continue to rise after the formation is complete. This would represent a 57% increase from the current level.
Ted highlighted Liquidity clusters are seen at certain price levels. “Ethereum has a big liquidity cluster at the $3,000 level. On the upside, there are liquidity clusters at the $3,150 and $3,250 levels,” Ted has posted on X.
The analyst said ETH might sweep the downward liquidity around $3,000 and then reverse higher. Similar to Bitcoin’s price movements in recent months. Near-term, the levels of $3.150 and $3.250 are resistance zones, where limit orders have built up.
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Source: crypto.news
