Ethereum Closes Fourth Straight Week Above 50-Week MA, but ETF Outflows Weigh on Price
- —ETH closed a fourth straight week above the 50-week MA after bouncing off $2,405
- —Spot ETH ETFs saw over $540 million in weekly outflows, with nine consecutive red days
- —ETH held on exchanges rose to a one-month high of roughly 14.9 million coins
- —Bitfinex ETH longs jumped 266% to their highest since 2022; a whale opened a $50 million long at 25x leverage
Why it matters: Holding the 50-week MA supports the bullish case, but persistent ETF outflows and rising exchange reserves increase near-term selling pressure.
Source: CryptoPotato
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