Ethereum's price movement today has been influenced by a combination of factors, including significant outflows from Ethereum exchange-traded funds (ETFs) and rising balances on centralized exchanges. According to recent data, Ethereum funds experienced substantial outflows, losing $68 million in assets on Friday and $159.3 million on Thursday. This trend indicates a waning demand for Ethereum ETFs on Wall Street, contributing to the downward pressure on ETH's price. Additionally, the increase in Ethereum balances on centralized exchanges suggests that investors are moving their tokens from wallets to exchanges, often a precursor to selling.
The broader market sentiment has also been affected by the ongoing SEC vs. Ripple case, which has cast a shadow over the crypto market. The SEC's potential appeal against Ripple's programmatic sales ruling could reshape crypto adoption, with Ethereum being indirectly impacted due to its historical ties to the SEC's regulatory scrutiny. The uncertainty surrounding the SEC's actions has added to the cautious sentiment among investors, further influencing Ethereum's price dynamics.
Ethereum's price has decreased by 1.93% today, currently trading at $3,202.43. The cryptocurrency reached a high of $3,329.07 and a low of $3,181.74 during the day.