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For the first time in over two weeks, Ether ETF flows have turned positive, led by an impressive $8.4 million inflow from BlackRock.
BlackRock Leads with $8.4M Inflow
On August 14, nine US spot Ether ETFs saw net positive inflows totaling $5.9 million, marking the first positive day since then.
Farside Investors data shows that the biggest daily inflow was $8.4 million into BlackRock's ETF (ETHA).
With the lowest daily outflow in over two weeks—$3.8 million—Grayscale's Ether ETF (ETHE) contributed to the turnaround in inflows.
Grayscale’s $2.5B Ether Sales Continue
Nevertheless, since the ETFs began trading on July 23, Grayscale has sold more than $2.5 billion worth of Ether, which could lead to additional selling pressure.
Per Cointelegraph, the historic debut of the US Ether ETFs was much anticipated, but the price of ETH has been declining.
From $3,441 at launch on July 23 to the current $2,561 as of 2:14 pm UTC, the price of Ether has dropped more than 25% since the ETH ETFs made their debut more than a month ago.
Ether's 56% Annual Price Increase
Looking at the big picture, the price of Ether has increased by more than 56% in the last year and by about 13% so far this year.
With the introduction of the Ether ETFs, investors were hoping for a sharp price spike. As of February 15th, when Bitcoin's (BTC) value topped $50,000, almost 75% of the new investment in the cryptocurrency came from spot ETFs.
$2,700 Resistance Holds Strong for Ether
Principal research analyst at Nansen onchain analytics platform, Aurelie Barthere, claims that the $2,700 resistance line is still holding the Ethereum price.
Cointelegraph was informed by the analyst:
“2.7k is the next resistance level for ETH, and there is not enough evidence that it is broken yet. Because price did not hold above this resistance for long enough and with enough volume.”
Coinglass data shows that if the price of cryptocurrency were to hypothetically climb above $2,700, all cryptocurrency exchanges' total leveraged short bets would be liquidated, amounting to more than $362 million.
October Could See Ether Break $3,000
On the other hand, as the market rebounds from the summer's illiquidity, traders are looking forward to October and the possibility of Ether breaking out above $3,000.
