Ethereum price prediction: BlackRock fund sheds 580,145 ETH, and BitMine absorbs only a fraction

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: BlackRock's ETHA fund has shed 580,145 ETH in a month, and US ether ETFs have been losing money for six trading days. We work out how much of it is genuine outflow, why BitMine is not offsetting it and which levels the price now hinges on.Add as a preferred source on GoogleFollow on Google NewsWhat is established: BlackRock’s Ethereum fund, the iShares Ethereum Trust with the ticker ETHA, has shed 580,145 ETH within a month, about $1.3 billion, according to data from analytics service Lookonchain. On Monday, US spot ether ETFs recorded a further $139.7 million in net outflows, almost entirely from ETHA. Our assessment follows further down: as long as these fund flows do not reverse, the ETH price faces a steady seller that the known buyers are not offsetting. Ether cost $2,249 on Tuesday morning, 1.4 percent less than 24 hours earlier and 16.6 percent less than 30 days ago. The range over the past 24 hours ran from $2,235 to $2,301. Where the price could head over a ho...