Ethereum ETFs posted $44.5 million in outflows last week, spearheaded by Grayscale's ETHE. The Layer 1's trading volume and transaction count dropped significantly as investors became increasingly risk-averse. Ethereum could continue consolidating after it failed to break above a key rectangle's resistance. Ethereum is down nearly 3% on Monday following a decrease in key metrics, including institutional interest, trading volume and transaction count.
A daily candlestick above the upper horizontal line resistance would see ETH reclaim a major support level that held for nearly six months. If ETH completes such a move, it could begin trading within another key rectangle and rally toward the resistance around $3,542. A breakout above $3,542 could see ETH tackle its yearly resistance at $4,093 and establish a new all-time high. The 200-day and 100-day Simple Moving Averages serve as potential resistance.