Ethereum is facing a battle at the 4000 level, with ETH quickly dropping after 12 PM Taiwan time, breaking the psychological barrier of 4,000 dollars, which is also an important neckline position recently. The breach of technical support led to the liquidation of ETH positions worth as much as 144 million dollars within just 4 hours, continuing to drive the bearish market downwards.
Ethereum ETF has seen net outflows for three consecutive days
Ethereum spot ETF has experienced continuous net outflows for three days since 9/22, with a total outflow of 296 million dollars over the three days.
The SEC's new general listing standards have made it easier for more cryptocurrencies to be held by investors through ETFs. Following Grayscale, Hashdex's Nasdaq Crypto Index US ETF has also been approved under the SEC's new general listing standards. This product will be able to hold cryptocurrencies other than BTC and ETH, including XRP, SOL, and XLM.
(SEC approves ETF general listing standards, Bloomberg analysts: there may be hundreds of crypto ETFs listed in the next year)
This move may crowd out funds from existing Bitcoin and Ethereum ETFs.
ETH breaks below key neckline support, is the tug-of-war between bulls and bears the last opportunity to get in?
Ethereum faces a battle at the 4,000 level, rapidly declining after 12:00 PM Taiwan time, breaking below the psychological level of 4,000 USD, which is also an important neckline position recently. The breach of technical support has led to the liquidation of ETH positions worth up to 144 million USD in just 4 hours, continuously driving down the bearish market.
Legendary trader Eugene recently warned that crypto assets may gradually decouple from traditional risk markets, expecting Ethereum to fall to 3,400 USD. However, some traders believe that after mean reversion, low indicators have appeared, and the market will still return to a bullish season in the future.
(Trader Eugene warns: market buying pressure is weak, BTC and ETH may fall to 100,000 and 3,400 USD levels)
This article on the Ethereum 4,000 defense battle, is it the last opportunity to get into ETH? Originally appeared in Chain News ABMedia.
