Ethereum (ETH) prices continue to fluctuate below $3000, with ETF capital outflows and cooling derivatives trading jointly suppressing market sentiment. As of press time, ETH is at $2919, down approximately 0.5% in the past 24 hours, with a nearly 12% decline over the past week, retracing about 41% from the all-time high of $4946 in August this year.
From trading data, market activity has significantly decreased. Ethereum’s daily trading volume has fallen to approximately $22.3 billion, a decrease of 27% week-over-week, indicating that the willingness to add new buy orders remains weak below key resistance levels. The derivatives market is also weak; CoinGlass data shows ETH derivatives trading volume has dropped 31% to $58 billion, with open interest decreasing to $36.87 billion, reflecting traders’ preference to reduce positions rather than leverage for rebounds.
Regarding ETF capital flows, the US spot Ethereum ETF has experienced net outflows for the fourth consecutive day. SoSoValue data indicates a net outflow of about $224 million on December 16, with BlackRock’s ETHA outflowing approximately $221 million, and Fidelity’s FETH experiencing a slight outflow. In just this week, ETH ETF outflows have totaled $449 million. Meanwhile, Bitcoin spot ETFs also saw a net outflow of $277 million on the same day, with total crypto ETF outflows exceeding $500 million in a single day, showing that institutional investors are generally cautious.
From a technical perspective, Ethereum remains in a mid-term downtrend, with rebound highs continuously moving lower. The daily price is close to the lower Bollinger Band, with the 20-day moving average continuously acting as resistance. The RSI is around 41, still in a bearish zone. If the price cannot effectively break through the $3060–$3100 range in the short term, the trend will remain under pressure; a breakdown below $2900 could see $2800 become the next key support level.
Overall, against the backdrop of macro uncertainties and ETF capital outflows, Ethereum is still facing short-term correction pressure, and the market is awaiting new fundamental or capital-driven catalysts.
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