Ethereum News: ETFs Surge While Foundation Sells
Ethereum saw a mixed bag of news last week. While Ethereum ETFs experienced their first weekly net inflows after six weeks of outflows, the Ethereum Foundation continued its selling spree.
ETFs See Inflows
US spot Ethereum ETFs saw a total of $85 million in inflows last week. This was led by BlackRock’s **ETHA** and Fidelity’s **FETH**, which saw $95.5 million and $64.8 million in inflows respectively. **ETHA**’s inflows were notable, pushing its net assets past the $1 billion mark.
Several community members expect inflows to continue throughout October, considering it’s historically been a good month for Ethereum and the crypto market.
Foundation Continues Selling
The Ethereum Foundation sold 100 ETH for 263,000 DAI on Monday, bringing its total sales in 2024 to 3,766 ETH ($10.46 million). Although some community members are concerned about the sales, co-founder Vitalik Buterin has said the proceeds will be donated to research and projects that improve the Ethereum ecosystem. The Ethereum Foundation is also preparing a financial report detailing its total spending.
Technical Analysis: Ethereum Risks Decline
Ethereum is currently trading around $2,600, down 2% on the day. On the 4-hour chart, it’s trading within a key rectangle channel after being rejected around the resistance at $2,707.
If ETH breaks below the $2,595 support level, it could decline to $2,395.
Keep in mind that this is just technical analysis and the market can be unpredictable.
