Over the past week, Ether's price has oscillated within a narrow range, with $2,000 as strong resistance. The primary factors affecting the price include weak network activity and persistent ETF outflows.
Negative Spot Ethereum ETF Outflows
Ether's price suffers due to investor risk-off behavior, highlighted by ongoing outflows from US-based spot Ethereum ETFs totaling $265.4 million over the past seven days.
Weak Onchain Activity Hurts ETH Price
Analysis of Ethereum's onchain metrics reveals a declining DEX volume by 30% over the last week to $16.8 billion. The total value locked (TVL) has also decreased, adding pressure on the price.
Ether’s Bear Flag Target is at $1,530
Technical analysis shows a bear flag pattern indicating a potential drop to $1,530 for Ether. The pattern will complete if the price breaks below the lower boundary at $1,880.
Despite current instability, investors are closely monitoring key support levels and potential onchain activity changes that could impact Ether's near-term price outlook.
