Ether’s (ETH) price has been consolidating within a roughly $130 range over the last seven days as $2,000 remains strong overhead resistance.
Data from Cointelegraph Markets Pro and Bitstamp shows that ETH price oscillates within a tight range between $1,810 and $1,960.
ETH/USD daily chart. Source: Cointelegraph/TradingView
Ether price remains pinned below $2,000 for several reasons, including declining Ethereum’s weak network activity and decreasing TVL, negative spot Ethereum ETF flows, and weak technicals.
Negative spot Ethereum ETF outflows
The underperformance in Ether’s price can be attributed to investors’ risk-off behavior, which is visible across the spot Ethereum exchange-traded funds (ETFs). ETH outflows from these investment products have persisted for more than two weeks.
US-based spot Ether ETFs have recorded a streak of outflows for the last seven days, totaling $265.4 million, as per data from SoSoValue.
Ether