Ethereum Spot ETFs See $197 Million Outflows as $6,000 Targets Loom

Key Insights:

• Ethereum spot ETFs recorded $197M outflows, marking the second-largest in history.
• Ethereum faces resistance of nearly $4,700 but remains above $4,200, showing resilience.
• Wyckoff Phase D signals Ethereum’s potential rise to $6,000 after the accumulation phase.

Ethereum (ETH) has experienced notable fluctuations as it approaches critical levels. Ethereum witnessed a significant development as its spot ETFs recorded substantial net outflows of $197 million.

Ethereum’s Spot ETF Outflows

Ethereum spot ETFs saw significant withdrawals recently, totaling $197 million on August 18. This marks the second-largest outflow in the history of Ethereum spot ETFs. On the other hand, Bitcoin ETFs experienced $122 million in net outflows. Bitwise ETF (BITB) was the only fund to register net inflows during this period. 

These outflows come amid a broader market trend of investors moving assets from Ethereum ETFs. This move raises questions about the potential future trends in the Ethereum market.

Despite the outflows, Ethereum’s price remains above $4,200, maintaining a strong market position. This shift in ETF flows may indicate a cautious investor outlook.

Ethereum Rally Faces Resistance at $4.7K

Meanwhile, Ethereum recently faced resistance at the $4,700 mark, where its rally stalled. This resistance level is critical as it marks a key zone for Ethereum’s price action. 

Ethereum has recently approached its +1σ Active Realized Price, which is considered an overheated zone. The same level was a key rejection point earlier this year, and history shows that such price levels often coincide with local tops in Ethereum’s cycles.

Based on Cryptopolitan, Ethereum faces selling pressure around the $4,700 region, suggesting that the current resistance could limit short-term gains. This pattern of rejection from the $4,700 price level has been seen before, most notably in March 2024, where token saw similar pushback.

Ethereum $6,000 Target and Market Expectations

As Merlijn The Trader recently stated, Ethereum is entering a new phase. According to Wyckoff’s market cycle, Token has completed the accumulation phase and is now transitioning into markup mode. This suggests that Ethereum’s price could potentially rise to $6,000. 

Merlijn stated that Phase D is locked, and the accumulation is complete, signaling a strong push toward higher prices. If the market follows the projected patterns, the target of $6,000 could become a reality.

However, while the market shows promise, the current resistance at $4,700 remains an obstacle. As of press time, token price is $4,237.28, and its 24-hour trading volume is over $49 billion.