Ethereum-backed exchange-traded funds (ETFs) concluded another week with net outflows, reflecting ongoing investor reticence. Since the end of February, there hasn’t been a single week where these ETFs experienced net inflows, indicating a gradual but notable decline in institutional interest towards Ethereum-related investment products.

This marks the seventh consecutive week of net outflows for Ethereum ETFs, underscoring persistent institutional hesitancy regarding the asset. In just the past week, the total net outflows from spot Ethereum ETFs amounted to $82.47 million, representing a substantial increase of 39% compared to the $49 million in outflows recorded during the prior week.

The consistent withdrawal of institutional participation in the Ethereum market has intensified selling pressure on the cryptocurrency. Over the last week, the price of Ethereum fell by 11%. The continuous outflows from the funds associated with Ethereum suggest that this downward trajectory might continue, heightening the probability of a price dip below the $1,500 level.

From a technical analysis perspective, indicators on the price chart remain bearish, validating the growing selling pressure within the market. At the time of reporting, data from Ethereum's Directional Movement Index (DMI) shows that its positive directional index ( DI) is positioned below the negative directional index (-DI).

The DMI indicator evaluates the intensity of an asset's price trend. It comprises two components: the DI, which signifies upward price movement, and the -DI, which indicates downward price movement. Similar to Ethereum, when the DI is beneath the -DI, the market enters a bearish phase, with downward price movements prevailing over bullish sentiment.

The absence of institutional capital inflows could impede any significant recovery in Ethereum's price, further diminishing short-term expectations for a rebound. Should selling pressure intensify, Ethereum might break through its current trading range and adopt a downward trend. Under such circumstances, the altcoin could plummet below $1,500, potentially reaching as low as $1,395.

Conversely, should Ethereum experience a positive shift in market sentiment and see an uptick in demand, its price might ascend to $2,114. This scenario would require a marked change in investor behavior and increased buying activity, which remains uncertain given the current market conditions.

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