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Ethereum ETFs Record $10.40M Outflow as Market Pressures Weigh on Prices
The cryptocurrency market has been witnessing a flurry of activity, with Ethereum ETFs recording an unprecedented outflow of $10.40 million as market pressures weigh heavily on prices. Despite this setback, the price action suggests that the asset may still be poised for significant gains.
While many had anticipated a correction in the crypto market following recent surges, it appears that some investors are not willing to hold their positions. This move could potentially lead to increased volatility going forward.
The analysis highlights a Hidden Bullish Divergence pattern, which has been confirmed by recent price action. This phenomenon indicates that any previous decline did not affect the underlying trend. On the contrary, it increases the likelihood of Ethereum’s price continuing its upward trajectory in the future.
Furthermore, the historical data suggests that there is a clear upward trend emerging since 2018. The chart displays an ascending pattern, which could provide support for the asset’s price going forward.
Source: https://cryptonewsland.com/ethereum-etfs-record-10-40m-outflow-as-market-pressures-weigh-on-prices/
