Ethereum (ETH) Price Drops 10% as U.S.-based ETFs See Outflows for 7 Weeks

Ethereum is under pressure as U.S.-based ETFs linked to it have seen outflows for seven weeks in a row. Just this week, nine Ethereum ETFs lost a total of $82.47 million.

U.S.-based ETFs linked to Ethereum have seen outflows for seven straight weeks, putting pressure on the crypto. This week alone, nine Ethereum ETFs lost a total of $82.47 million.

The good news is that the outflows have slowed, with an average weekly outflow of $13.76 million over the past seven weeks. However, the bad news is that the outflows are continuing, and they are now rolling over into a seventh week.

The steady withdrawal of funds has taken a toll on ETH’s price, which dropped 10% in the last week. As momentum slips, many are now wondering, is a bigger crash coming next week?

Chart: Benzinga Pro

Ethereum ETF Outflow Continues

On April 11, Ethereum spot ETFs saw a total outflow of $29.2 million, making it the fourth day in a row with negative movement.

Leading the outflow charge was Grayscale’s fund (ETHE), which recorded the highest withdrawal at $26.1 million. Following closely was Bitwise (ETHW), seeing outflows of $3.1 million.

This ongoing drop in big investor support is causing more selling, making Ethereum’s price fall further.

But it’s not just the money flowing out that’s causing concern. Ethereum’s network activity is also slowing down as fewer users are interacting with apps built on the Ethereum blockchain.

In fact, unique active wallets on Ethereum have dropped by over 33% in the past month.

In comparison, Solana saw a 16% decrease, while Tron saw a 16% increase in activity.

Major Bank Is Losing Confidence In ETH

To make matters worse, Standard Chartered Bank has lowered its year-end price target for ETH by 60%. The bank now expects Ethereum to end the year around $4,000.

Citing concerns over its scalability and competition, the bank is pessimistic about the crypto's performance.

They believe Ethereum has become too reliant on Layer 2 networks and may be losing its edge.

Will ETH Price Continue To Drop?

Ethereum’s price has dropped by 10% in the past week, and things could get worse if demand keeps falling. Without strong support from big investors, it’s harder for ETH to bounce back.

Right now, charts show a bearish trend, meaning sellers are still in control. If the price falls below $1,500, it could drop even further, possibly to the $1,300 or $1,200 range.

On the flip side, if ETH holds strong and climbs above $1,700, there’s a chance for a short-term recovery. In that case, the price could rise toward $1,900 or even $2,000 in the coming days.