After six straight days of inflows, Ethereum spot ETF flows turned negative again on Thursday as Trump trade-driven bullishness faded. ETH prices also fell 6% over the past 24 hours, all the way to $3,000, wiping out more than $22 billion in market value.
Ethereum ETF spot price turns negative
After six consecutive days of inflows, the U.S. spot Ethereum ETF has seen outflows again. On November 14, the Ethereum ETF saw a small outflow of $3.24 million, the first outflow since Donald Trump’s victory on November 5.
Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE acted as a spoiler with an outflow of nearly $22 million yesterday. In addition, according to SoSoValue data, other Ethereum ETFs also saw a significant drop in inflows.
Spot Ether ETFs saw strong inflows following Donald Trump’s victory on November 5, and ETH prices gained 40% in a weekly range, all the way to $3,400. However, since the November highs, ETH prices have retraced nearly 10% as bulls attempt to defend the $3,000 level.
ETH price action in volatile markets
Popular cryptocurrency trader Credibull Crypto has started taking a position in Ethereum (ETH) amid recent ETH price action and will further increase the position if ETH drops to $2,800, given the current low time frame (LTF) price action and falling crypto markets. The decision to increase exposure is based on Bitcoin’s recent stability, which could prevent a quick fall back to the low $80,000s and allow ETH to continue to rise.
The trader noted that a small range is forming, driving local demand, with untapped local highs above. They are eyeing potential gains above $3,500 before re-evaluating. However, the trader highlighted that the invalidation point for their higher timeframe (TF) ETH strategy is $2,350.
Popular trading account IncomeSharks said that traders who missed the initial entry may find a second chance near the supertrend support level just below $3,000. The trader also added that people are generally pessimistic and negative about the asset due to the rapid shift in market sentiment caused by "a few red candles." However, he sees a high potential for a rebound in the future. This could once again lead to a resumption of inflows into spot Ethereum ETFs.
Recent Ethereum price analysis suggests that analysts have been optimistic about the cryptocurrency and it could reach $4,000 by the end of November. However, it will need support from the broader market to continue rising.
