Ethereum's price movement today has been influenced by a combination of macroeconomic factors and investor sentiment. The cryptocurrency market has been under pressure due to strong economic data from the U.S. and a more hawkish tone from the Federal Reserve, which has led to significant outflows from Ethereum-focused funds. According to CoinShares, Ethereum products experienced net outflows of $256 million last week, marking a challenging period for the cryptocurrency. James Butterfill, CoinShares' Head of Research, noted that "the post-U.S. election honeymoon is over, and macroeconomic data is once again a key driver of asset prices."
Despite these challenges, there are signs that Ethereum may find support near the $2,800 level, as indicated by the 30-day Market Value to Realized Value (MVRV) Ratio, which has declined below -10%. This metric suggests that Ethereum could see a recovery soon, as prices tend to bounce when the MVRV Ratio crosses this threshold. Additionally, the Mean Coin Age metric shows a slight bias toward the buy-side, indicating that some investors are taking advantage of the dip to accumulate Ethereum.
Ethereum's price has seen a modest increase of 0.78% today, reaching a high of $3,160.76.