Ethereum fell about 4% over the past 24 hours, dropping to around $1,835 after briefly climbing above $1,930 earlier this week. The decline came as US-based spot Ethereum ETFs recorded over $28 million in net outflows, snapping a two-day streak of inflows. The move puts the spotlight on key price levels identified by analysts.
ETF outflows led by Grayscale
Grayscale's ETH fund saw the largest outflows at nearly $14.3 million, followed by Fidelity's FETH with $11 million and Grayscale's ETHE with $4.8 million. Bitwise's ETHW was the only Ethereum ETF to attract fresh capital, bringing in $2.3 million. Despite the recent outflows, July has remained positive overall for Ethereum ETFs, with total net inflows surpassing $190 million. Year to date, Ethereum ETFs have posted net outflows in five months, with only April and July recording net inflows.
Analysts point to $2,245 as next key level
Analyst Ali Martinez identified Ethereum's Realized Price at $2,245 as the next major level to watch, based on historical behavior around the 0.8 MVRV Pricing Band. That level sits well above current prices, suggesting a potential upside target if momentum shifts.
Another analyst, Tony Research, expects a near-term rally to $2,000, then to around $2,200 if Bitcoin reaches $70,000. After that, he predicts a 7-10 day distribution period and a final bottom between $1,260 and $890 before a new bull cycle targeting $7,000. Tony Research also noted that Ethereum could briefly retest its 2022 bottom with a wick without breaking the broader trend, and that the outlook depends heavily on Bitcoin's performance.
July still in the green for ETFs
While the $28 million outflow day is a setback, July's cumulative inflows remain strong at over $190 million. That makes July one of only two months this year with net inflows, alongside April. The other five months have seen net outflows, underscoring the choppy demand for Ethereum exposure through traditional funds.
For now, the market is watching whether Bitcoin can push toward $70,000 — a move that Tony Research says could lift Ethereum to $2,200 before the next leg down. If that rally fails to materialize, the $2,245 Realized Price level may remain out of reach for a while longer.
