Ethereum’s (CRYPTO: $ETH) price remains weak as outflows from exchange-traded funds (ETFs) continue.
In early trading on June 24, ETH was at $1,670 U.S., down nearly 2% over the past 24 hours and down 7% in the last week.
The second largest cryptocurrency by market capitalization remains below the key support level of $1,700 U.S. amid tepid investor sentiment.
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Ethereum has now moved below its 200-day simple moving average, which signals short-term weakness and further declines ahead.
While some crypto bulls have declared a bottom in ETH, others say that its price needs to break above $1,800 U.S. to regain upward momentum.
The ongoing softness in Ethereum’s price comes as ETF outflows continue. On June 23, Ethereum ETFs recorded $82 million U.S. of net outflows, the fourth consecutive day of withdrawals.
Analysts point to continued weakness in the entire crypto market amid uncertainty stemming from the situation in Iran to the outlook for U.S. interest rates.
ETH traded at an all-time high of $4,953.73 U.S. on August 24 of last year.
