Ethereum ETF sees $48.6 million in outflows amid growing Middle East war. Ethereum exchange net outflow suggests investors may be buying the dip. Ethereum could bounce off the $2,395 support level as funding rates have remained largely positive. Ethereum trades around the $2,400 psychological level on Wednesday, down over 4% following $48.6 million outflows from ETF investors as the war between Israel, Hamas, Hezbollah and Iran is hurting market sentiment.
If the war tension persists, ETH will likely break this support level, but buyers could step in, considering the $2,350 level is a crucial demand zone where investors purchased over 52.53 million ETH, per IntoTheBlock's data. The Relative Strength Index and Stochastic Oscillator momentum indicators are in their oversold region, indicating bearish momentum. A daily candlestick close below $2,207 will invalidate the thesis.