Now That Ethereum ETFs Are Dead, What’s Next For ETH Price? (Record $796M Outflows)

Core Insights - Ethereum ETFs experienced significant outflows, totaling $795.6 million last week, marking the worst week on record for these funds [1][2] - The Fidelity Ethereum Fund led the withdrawals with $362 million, while BlackRock's ETHA lost over $200 million [2] - Despite the outflows, Ethereum's on-chain metrics remain stable, with exchange reserves decreasing as coins are moved to cold storage or staking [3] Market Sentiment - Bearish sentiment towards Ethereum is evident, with most downside liquidation clusters cleared, indicating that a modest price increase could trigger a short squeeze [4] - Ethereum has outperformed most Layer-1 competitors year-to-date, with a 62% gain compared to Solana's 45% and BNB's 28% [4] - The primary issue affecting Ethereum is not its fundamentals but rather the prevailing market sentiment [4] Price Dynamics - Ethereum's price is currently near the 200-day EMA around $4,000, a critical level that could act as a launchpad for future movements [6] - Momentum indicators show a neutral stance, with RSI at 38 and declining OBV, suggesting weaker trading volume but not an outright collapse [6] - The market appears to be in a fragile balance, with potential for violent price movements if demand shifts [6]