Ethereum (ETH) is up 0.1% on Wednesday following increased outflows and declining trading volume across ETH products.
Ethereum ETF s' high outflows signify low institutional interest amid declining ETH CME trading volume. Ethereum underperforms in terms of risk-adjusted returns compared to Nvidia, Bitcoin, Meta, Gold, NASDAQ-100 and others. ETH could follow a key trendline to decline toward $2,100 before staging a rally. Ethereum is up 0.1% on Wednesday following increased outflows and declining trading volume across ETH products.
ETH broke below the support level around $2,400, briefly falling to $2,310 before seeing a quick recovery. This indicates strong buying pressure around the $2,300 price level, as evidenced in IntoTheBlock's data, which shows investors purchased over 51 million ETH around the price. ETH/USDT Daily chart On the daily chart, ETH continues to trade around a key trendline that suggests its price could decline toward $2,100 to $2,200 in the coming weeks.
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