ETH Slightly Bullish 24-Hours ☀, Bearish ☁️ & Downside Next WeekIn the US, there were outflows from the spot Bitcoin exchange traded funds (ETFs) for the sixth consecutive day. “We have seen six consecutive days of outflows, and as the average entry price ($57,300) approaches the current spot price ($59,800), we will likely see more ETF unwinding. Since March 18, the ETFs have seen outflows on 58% of all trading days,” 10x Research said in its daily note.
“This will likely lower prices to our target levels and cause a -25% to -29% correction from the $73,000 top - hence our price target of $52,000/$55,000 during the last three weeks,” the crypto research company forecasts.
In Hong Kong, the first trading day of the spot Bitcoin and ETH ETFs approved proved to be a cold shower with only $12 million flowing into these new ETFs. Analysts had expected up to $300 million. The price of Ether fell 2.5 percent to $2,918 over the past 24 hours.
A slightly bullish sun shines over Ethereum and ATTMO signals a potential upside over the next 24 hours. Over a one-week horizon, bearish clouds are likely to sweep over most of the cryptoverse putting pressure on Ethereum, indicating a potential price drop.
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