Ethereum Price Prediction: ETF Outflows Hit $3.24M as Price Slides Below $3,000

After six days of steady inflows, Ethereum spot ETFs flipped negative on November 14, shedding $3.24 million in outflows.

This shift followed the initial post-election optimism surrounding President-elect Donald Trump, which had previously fueled a rally in both ETF inflows and Ethereum’s price.

The ETF data shows contrasting investor sentiment; while BlackRock’s Ethereum ETF saw an inflow of $18.87 million, Grayscale’s ETHE recorded nearly $22 million in outflows.

This divergence in fund flows indicates market uncertainty around Ethereum’s short-term trajectory as investor confidence wavers.

Watching this LTF PA develop on $ETH and have started positioning here. If we make it down to the ideal entry zone (sub $2800) I'll add to my position.

Reason for going in more aggressively here is that BTC is holding up decently atm and if we don't get a pullback to low 80k's… https://t.co/681HswOBoI pic.twitter.com/TmwCxBLgbu

— CrediBULL Crypto (@CredibleCrypto) November 14, 2024

The trend change comes amid Ethereum’s price dip, dropping 6% over the past day and erasing over $22 billion in market cap. The price correction reflects cooling sentiment as investors reassess the asset’s near-term prospects following the sharp 40% rally earlier in the month, which had lifted ETH to a peak of $3,400.

ETH Price Struggles at Key Support Levels

Ethereum’s recent price action is testing the resolve of market participants. After peaking at $3,400 in early November, ETH has since corrected by approximately 10%, currently trading near critical support around $3,000.

Noted trader “Credibull Crypto” suggests that a further pullback could present a buying opportunity if ETH drops closer to $2,800. The trader also sees a potential upside target of $3,500 if demand recovers, but emphasizes that a long-term bullish strategy would be invalidated if prices dip below $2,350.

Another trader, IncomeSharks, echoes the sentiment, identifying Supertrend support just under $3,000 as a possible re-entry point for those who missed earlier opportunities.

Despite recent bearish sentiment, IncomeSharks believes Ethereum retains potential for a rebound, which could renew inflows into spot Ethereum ETFs if bullish momentum returns.

Can Ethereum Regain Its Bullish Momentum?

Despite recent setbacks, some analysts predict that Ethereum could rally to $4,000 by the end of November, contingent on broader market support.

Technical indicators point to a consolidation phase, with $3,029 as immediate support, followed by stronger floors at $2,901 and $2,770. A potential breakout above $3,190 could open the path to $3,450, reinvigorating bullish sentiment.

Ethereum’s 50-day EMA, positioned near $2,723, provides additional technical support, while the Relative Strength Index (RSI) at 62 indicates a balanced market leaning towards overbought conditions.

As investors await clearer signals from both technical and macroeconomic perspectives, Ethereum’s path forward will likely hinge on whether it can maintain support levels and rekindle inflows into spot ETFs.

Key Takeaways:

• ETF Outflows: Spot Ethereum ETFs recorded $3.24M in outflows, reflecting cautious investor sentiment.
• Price Support: Ethereum hovers around $3,000; critical support sits at $2,770.
• Potential Upside: Breakout above $3,190 could target $3,450, signaling bullish revival.

In summary, Ethereum’s near-term performance is on shaky ground as ETF flows reverse and key technical support levels come into focus. Whether bullish sentiment can return largely depends on broader market dynamics and renewed investor confidence.