Ethereum’s network fees spiked this week, driven by heightened market volatility. The surge in fees was largely fueled by increased activity on platforms like Uniswap and a wave of liquidations on Aave, reflecting the intense trading environment.
Ethereum fees spiked this week as a result of the volatility, with Uniswap volumes and Aave liquidations spiking pic.twitter.com/pD3REu6BLd
— IntoTheBlock (@intotheblock) August 9, 2024
On the technical side, Ethereum is showing signs of a potential breakout. A bull pennant has formed on lower time frames, suggesting that ETH could rise by over 4%, pushing the price towards the $2,820 mark.
#Ethereum forms a bull pennant on lower time frames, indicating a potential rise of over 4% towards $2,820! pic.twitter.com/EHp4XwBF3F
— Ali (@ali_charts) August 9, 2024
Key support for Ethereum lies between $2,314 and $2,435, a zone where 2.14 million addresses collectively hold 51.67 million ETH. This range is crucial for maintaining the current bullish momentum, as it represents a strong foundation for Ethereum’s price.
The most important support level for #Ethereum is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million $ETH! pic.twitter.com/1h1G2ZcZHd
— Ali (@ali_charts) August 9, 2024
Ethereum Spot ETF Market Records $2.87 Million Outflow
On August 8, the Ethereum spot ETF market experienced a total net outflow of $2.8737 million. Grayscale’s ETHE saw a significant outflow of $19.8275 million, increasing its historical net outflow to a staggering $2.255 billion. In contrast, Grayscale’s smaller ETF, ETH, received an inflow of $5.0189 million, and BlackRock’s ETHA ETF recorded an inflow of $11.7358 million.
🚨 BREAKING: On August 8, the total net outflow for #Ethereum spot #ETFs amounted to $2.8737 million. #Grayscale #ETF #ETHE experienced an outflow of $19.8275 million, bringing the current historical net outflow for $ETHE to $2.255 billion. Meanwhile, the Grayscale mini $ETF $ETH… pic.twitter.com/IT8j8Gsu5K
— CoinEcho (@mycoinecho) August 9, 2024
These ETF flows highlight contrasting investor strategies, with some reallocating their positions in response to the recent market fluctuations. As Ethereum navigates this period of volatility, monitoring these trends and the critical support levels will be essential for predicting its next moves in the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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