$ETH The price of Ethereum was in a tight range this week as cryptocurrency investors remained on the sidelines and outflows from exchange-traded funds increased.

Ethereum Ethereum

eth

1.63%

Ethereum was trading at $1,580 on Friday, where it has remained throughout the week. It has increased by 14% since its low point this month.

Ethereum continues to face many challenges, especially the increasing competition from layer 2 networks like Base and Arbitrum Arbitro

arb

3.67%

Arbitrum. Other layer 1 networks like Sui Sui

sui

2.13%

Sui and Solana Solana

sol

5.02%

Solana have continued to gain market share in industries like decentralized finance and gaming.

The most revealing is that spot Ethereum ETFs have continued to strip assets this year. These funds attracted zero inflows on Thursday, after seven consecutive days of net outflows.