Ethereum continues to attract attention amidst significant ETF outflows and price increases.
Ethereum ETF Outflows
On August 22, Ethereum spot ETFs experienced outflows amounting to $197 million, marking the second-largest occurrence in Ethereum ETF history. Meanwhile, Bitcoin ETFs recorded outflows of $122 million. Despite the withdrawals, Ethereum's price remains above $4,200.
Resistance at $4,700
Ethereum faced resistance at the $4,700 level, which limits short-term gains. This level has proven critical as it has historically served as a rejection point during previous price increases.
Price Forecasts for Ethereum at $6,000
Analysts suggest that Ethereum may see a rise to $6,000 as it has completed its accumulation phase and is entering a markup phase. Analyst Merlijn The Trader noted that the market is gearing up for momentum after the accumulation period.
Despite current challenges such as ETF outflows and resistance levels, the market shows signs of preparing for growth, and prices may reach new heights.
