Ethereum has had a tough month, losing 10% of its value in 20 days and dropping to $2,021. This ongoing decline has shaken investor confidence, leading to consistent capital outflows from Ethereum spot ETFs since early March.
Investor Confidence Declines Amid ETH ETF Outflows
On-chain data from SosoValue reveals that Ethereum spot ETFs have seen 11 consecutive days of outflows, totaling over $370 million.
So far, only one day of inflows has been recorded this month. The total net asset value of U.S. spot ETH ETFs has plunged 44% year-to-date, now standing at $7.01 billion.
When spot ETFs experience consistent outflows, it signals investor uncertainty and bearish sentiment. This also puts extra selling pressure on ETH, making recovery harder.
Open Interest Declines, Signaling Weak Demand
Ethereum’s open interest (OI) has dropped to $6.58 billion, falling 20% in the past month.
OI represents the total number of active derivative contracts (such as futures and options). A decline suggests traders are closing positions rather than opening new ones, reducing market activity and weakening ETH’s momentum.
This downward trend indicates uncertainty in Ethereum’s price direction, contributing to its continued struggles.
Can Ethereum Recover? MACD Golden Cross Sparks Hope
Despite the bearish sentiment, ETH’s Moving Average Convergence Divergence (MACD) indicator has recently formed a golden cross—a bullish signal.
The MACD line (blue) has crossed above the signal line (orange) on the daily chart. This suggests that buying pressure may be building.
If momentum strengthens, Ethereum could reverse its downtrend and push toward $2,224 in the coming weeks.
