Ethereum (CRYPTO: ETH) remained in a narrow range on Sunday, continuing a consolidation that has been going on in the past week. ETH was trading at $1,662, a few points above the year-to-date low of $1,510. Still, technicals and fundamentals suggest that it may be on the cusp of more downside.
Ethereum Price May Drop Further as Wall Street Sells
There are signs that US investors are rotating from the crypto industry and pumping their cash to the booming stock market. Data shows that spot Ethereum ETFs have continued experiencing substantial outflows this year.
These ETFs suffered a $4.95 million in outflows on Friday, bringing the weekly losses to $14.9 million. The funds have lost over $187 million in assets this month, bringing the year-to-date net outflows to $1.1 billion.
The same is happening with Bitcoin (CRYPTO: BTC), whose ETFs have lost over $3 billion this year.
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