The post Ethereum slows down as uncertainties around ETFs remain – What now? appeared on BitcoinEthereumNews.com.

In the last two weeks, investors have pulled out $120 million from ETH-focused investment products. Ether spot ETF launch timeline has been moved after the SEC asked issuers to resubmit amended S-1 drafts. Ethereum [ETH] was trading at around $3,448 on the 2nd of July, barely unchanged in the last few hours but in conformance with the generally positive July narrative. In the meantime, ETH bulls targeted fresh heights above $3,450 and were betting on upside potential from the hype around Ether spot exchange-traded funds (ETFs). Source: ETH/USDT, TradingView The new products, expected to debut in the U.S. later this month, could help propel ETH/USDT above the $3,630 resistance, where it was rejected on the 17th of June.  Bullish speculators suffered mild losses on the 1st of July after Ethereum failed to sustain momentum above $3,520. ETH attempted to break out from the descending channel on the 4-hour timeframe chart overnight on the day, but as of press time, has been unable to cement the move. Source: X/Satoshi Flipper — ETH/USDT 4-hr chart Markedly, the latest advance toward $3,500 will not amount to triumph for bulls if ETH is unable to sail above the $3,520 — $3,550 resistance zone. Ethereum institutional uptake In its digital asset flows report released on Monday, CoinShares observed that Ethereum investment products posted outflows of $60.7 million last week. Source: CoinShares The figure marked the most significant negative 7-day flow in almost two years, and brought the cumulative two-week outflows to $119 million. The report further highlighted that Ethereum was the worst-performing crypto asset in 2024, based on net flows, with—$37 million and—$25 million MTD and YTD flows, respectively. U.S. Ethereum spot ETF A U.S. Ether spot ETF has been nigh this summer after the Securities and Exchange Commission (SEC) approved 19b-4 filings of eight…

---

Filed under: News - @ July 3, 2024 5:20 pm