Since February 7th of this year, the price of Ethereum has remained range-bound, without a clear directional breakout. While this consolidation could be seen as a bottoming signal, the technical formation presents a worrying picture, suggesting increased downside risk in the short term.
So far this month, Ethereum ETFs have seen a cumulative net outflow of over $37 million, marking the fifth consecutive month of capital flight. The cumulative net inflow, which once approached $15 billion, has now fallen back to $11.58 billion, reflecting a more cautious market sentiment.
However, from a fundamental perspective, Ethereum still has solid support. Data shows that the total supply of stablecoins within its ecosystem has exceeded $166 billion, and the total on-chain transaction volume in the past 30 days has exceeded $1.1 trillion, continuing to lead global blockchain networks. In addition, Ethereum maintains absolute dominance in the Real World Asset (RWA) tokenization space, and its ecosystem innovation and application implementation capabilities are unaffected by short-term price fluctuations.
Ethereum Price Consolidates as ETF Outflows Spark Market Concerns
Ethereum price has been consolidating for the past month with no clear direction. ETFs have seen net outflows for five consecutive months, and the technical outlook shows a bearish flag pattern, potentially testing $1843 support soon. However, on-chain activity and the RWA ecosystem still provide strong fundamental support.