Investors are concerned about Ethereum’s historical negative returns in September, which could potentially lead to another month of losses for the altcoin. Data shows that September has traditionally been a weak month for Ethereum, with only one positive return in 2019. The average and median returns for September have been -6.8% and -12.6% respectively, adding to the negative sentiment among investors.
Additionally, Ethereum ETFs have been experiencing net outflows, indicating a risk-averse sentiment among investors due to the volatile price action. Last week, global Ethereum ETFs saw net outflows of $5.7 million, with US spot Ethereum ETFs contributing a total net outflow of $12.4 million. Despite these outflows, some Ethereum ETFs have been among the top 25 ETF launches of the year.
From a technical analysis perspective, Ethereum is currently trading around $2,520 and has been consolidating within a key rectangle pattern. The resistance level is at $2,817, while the support level is at $2,400. A breakout above the resistance level could signal a bullish rally towards $3,237, while a move below the support level may indicate bearish momentum towards $2,111. The current indicators, such as the Relative Strength Index (RSI) and Stochastic Oscillator, suggest potential downward corrections in the price.
Overall, investors are cautious about Ethereum’s performance in September and are closely monitoring the market for any potential trends or developments that could impact the altcoin’s price.