Ethereum is under pressure as U.S.-based ETFs linked to it have seen outflows for seven weeks in a row. Just this week, nine Ethereum ETFs lost a total of $82.47 million. This steady withdrawal of funds has taken a toll on ETH’s price, which dropped 10% in the last week. With momentum slipping, many are now wondering, is a bigger crash coming next week?
Ethereum ETF Outflow Continues
On April 11, Ethereum spot ETFs saw a total outflow of $29.2 million, making it the fourth day in a row with negative movement. Leading the outflow charge was Grayscale’s fund (ETHE), which recorded the highest withdrawal at $26.1 million, followed by Bitwise (ETHW), which saw $3.1 million pulled out.
This ongoing drop in big investor support is causing more selling, making Ethereum’s price fall further.
But it’s not just the money flowing out that’s causing concern. Ethereum’s network activity is also slowing down as fewer users are interacting with apps built on the Ethereum blockchain.
In fact, unique active wallets on Ethereum have dropped by over 33% in the past month. In comparison, Solana only saw a 16% decrease, while Tron saw a 16% increase in activity.
Major Bank Losing Confidence In ETH
To make matters worse, Standard Chartered Bank has lowered its year-end price target for ETH by 60%. The bank now expects Ethereum to end the year around $4,000, citing concerns over its scalability and competition.
They believe Ethereum has become too reliant on Layer 2 networks and may be losing its edge.
Will ETH Price Continue To Drop?
Ethereum’s price has dropped by 10% in the past week, and things could get worse if demand keeps falling. Without strong support from big investors, it’s harder for ETH to bounce back anytime soon.
Right now, charts show a bearish trend, meaning sellers are still in control. If the price falls below $1,500, it could drop even further, possibly to the $1,300 or $1,200 range.
On the flip side, if ETH holds strong and climbs above $1,700, there’s a chance for a short-term recovery. In that case, the price could rise toward $1,900 or even $2,000 in the coming days.
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