ETH Rebounds to $3,324, ETFs Experience Fifth Day of Outflows
Ethereum experienced a rebound after briefly dipping to $3,000, currently trading near $3,324. Trading volumes surged over 44%, while Bitcoin fell to $98K before reclaiming $102K.
Key Points:
- Over $1.78 billion was liquidated in the crypto market within 24 hours, including $1.37 billion in longs.
- Ethereum went through classic market stages: decline, accumulation, markup, and distribution, with sellers dominating after failing to maintain key VWAP levels.
- The recent correction indicates a shift in market control as Ethereum faced heavy sell volume, with nearly $39 million in long liquidations on Binance.
Market Dynamics
- Ethereum ETFs recorded five consecutive days of outflows, totaling $219 million on Nov. 4.
- In contrast, Solana ETFs attracted $14.83 million in inflows, suggesting a shift in investor sentiment.
- Ethereum's structural resilience is evident as it rebounds from key support levels, similar to past recoveries.
- If Ethereum sustains above $3,200, a gradual recovery phase might develop.