- Bitcoin Sees $64M in outflows, while Ethereum attracts $19M in inflows
- Ethereum’s price volatility could lead to a breakout if key resistance breaks
- Ethereum’s price may retest levels between $1,975 and $2,044
New data on ETF movements shows some interesting shifts in crypto. On one hand, Bitcoin saw $64.1 million in outflows—meaning investors may be cashing out or taking profits.
On the other hand, Ethereum enjoyed a $19 million inflow, suggesting some money is flowing into Ethereum as investors move away from Bitcoin for the time being.
According to analyst Nicholas Merten , this isn’t too surprising. Bitcoin has been outperforming Ethereum recently, and with Ethereum’s price lower, some investors are seizing the opportunity to diversify. In fact, even though many believe Ethereum is done for, some technical signs suggest a potential rally for ETH and altcoins in the near future.
Ethereum’s Volatility: Normal Market Swings?
Ethereum’s market has seen some volatile movements lately. For example, just this week Ethereum saw a sharp price increase followed by an almost immediate retracement.
Related: Bitcoin’s Range-Bound Trading Ethereum Could Benefit, Analysts Say
This quick surge and fall was largely due to open interest, where a significant number of long positions were opened on Ethereum. As these positions were closed, the price quickly pulled back. Despite this short-term volatility, Ethereum’s overall outlook looks promising to some.
Merten said that the price has been holding strong near the top of its range, showing resilience despite the market fluctuations. Historical patterns at these price levels suggest that once Ethereum breaks through this resistance, it could start moving up, possibly starting a parabolic rise.
Key Ethereum Levels to Monitor
From a technical standpoint, Ethereum could soon outperform Bitcoin. The cryptocurrency has been trading between $2,000 and $4,000 for over a year, with fluctuations between these levels creating buying opportunities for investors.
There is a possibility that Ethereum may drop further before rebounding. Key price levels to monitor are between $1,975 and $2,044, as these levels represent important yearly pivots that could influence future price movements.
Related: Expert Says Bitcoin Strategic Reserve Will Happen, Sets BTC Price Target at $180K
If Ethereum reaches these levels, it may present a strong opportunity for long-term investment. If Ethereum breaks above the $3,100 mark and holds, it could signal further upside potential.
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