JAKARTA - The price of Ethereum (ETH) continues to be under pressure, while Ethereum's Exchange-Trad Fund (ETF) product in the United States recorded sluggish performance. On October 7, 2024, ETF Spot Ethereum did not receive a new flow of funds, showing low interest from retail and institutional investors. Since its launch in July 2024, this ETF has recorded an outflow of 550 million US dollars (IDR 8.25 trillion).
In contrast, Bitcoin's ETF still showed strong demand with an influx of US$235 million (Rp3.52 trillion) on the same day. Total inflows to Bitcoin's ETF reached US$18.7 billion (Rp280.5 trillion) since its launch in January 2024, far beyond Ethereum's ETF.
The price of Ethereum, which is currently trading at around $2,400, continues to be under pressure. In the past week, the price of ETH fell nearly 8%, deeper than the price of Bitcoin by 2.33%.
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According to crypto analyst Ali Martinez, Ethereum is in a symmetric triangular pattern, and price movements outside the US$2,300 (Rp34.5 million) to US$2,600 (Rp39 million) range will determine the direction of the next trend.
In addition, the Ethereum Foundation reportedly sold US$1,250 ETH (Rp45.45 billion) through Bitstamp. Throughout 2024, the Ethereum Foundation and Vitalik Buterin have sold large amounts of ETH, affecting market sentiment negatively.
The Federal Reserve's decision to cut interest rates by 50 basis points in September had provided a positive boost. However, US strong work data for September made the opportunity to cut interest rates even smaller in November.
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