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Thin trading volumes raise risk of ETH falling below $1,800
ETH is up 1.5% in the past 24 hours but volumes remain thin, while Ethereum-linked ETFs recorded $106 million in positive net inflows.
Ethereum has held above the $1,800 level for the past few days, a zone that has acted as both support and resistance for the token, according to Yahoo Finance. The report said the recent area could help determine ETHs next moves over the coming days.
In the last 24 hours, ETH gained 1.5% after two straight days of losses, as broader sentiment improved. The article cited easing US inflation in June as one factor, and noted the Crypto Fear and Greed Index at 34, which the outlet said reflects a shift from extreme fear toward neutral.
Ethereum-linked exchange traded funds saw positive net inflows totaling $106 million, and Yahoo Finance said July monthly net inflows have turned positive after two consecutive months of net outflows. Still, the report warned that trading volumes are too thin to confirm a sustained recovery.
The analysis also pointed to a negative macro backdrop, with expectations that the Federal Reserve will raise rates later this year by at least 25 basis points. Yahoo Finance added that on-chain and off-chain data compiled by Santiment shows ETH tends to move higher when the 7-day average volume rises above the 30-day average, but currently both averages are not signaling a clear pickup in interest.
Latest closeEthereum $1,865.22 ▲1.3%