Ethereum prices have remained in a tight spot for the past few days despite the rising inflow of Exchange-Traded Funds (ETFs).
Ethereum (ETH) was trading for $2,400. This is the level from the past few days. This price is about 15% below this month's highest point.
The tokens are consolidated, despite data showing Wall Street investors increasing their positioning in Ethereum ETFs. Ethereum ETF inflows rose by $283 million last week, a significant increase from $40 million last week.
These ETFs have been influx for the past seven consecutive weeks, the longest consecutive one to date. They added $1.13 billion inflows in June, more than $564 million in May and $66.2 million in April.
This growth has resulted in accumulating inflows since September exceeding $4.1 billion. Additionally, total net assets amounted to over $9.88 billion, bringing BlackRock's ETHA to $4.25 billion.
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The rising ETF inflow is a sign that these investors expect Ethereum prices to bounce back in the short term.
However, ETH prices face three major risks that could affect its value. First, on-chain data shows that ETH supply on exchanges has risen from 712 million this month.
The rising exchange balance is a sign that investors are selling tokens and could potentially earn profits after a surge in May.
Further data shows that supply held by whales has plummeted from a high of 103.9 million to 148 million. Whale dumping is also a sign that we expect prices to fall.
ETH Whale and Exchange Supply | Source: Santiment
Ethereum price analysis
ETH Price Chart | Source: crypto.news
Another risk is that ETH prices fell below the 200-day index moving average. ETH last fell below its 200-day moving average in February, crashing more than 55% since.
Ethereum prices also disable bullish flag patterns by moving underneath the flag section. This price will then be re-examined to indicate that potential continuance is possible. Therefore, there is a risk that tokens will fall below $2,000 in the near future.
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