Ethereum ETF and exchange investors step up buying pressure following spike in key metrics

Ethereum (ETH) was down 1% on Wednesday as investors stepped up their buying pressure via exchange-traded funds (ETF) and exchanges.

Ethereum ETF recorded $11.4 million in inflows after five days of consecutive outflows. Ethereum exchange net flows indicate high buying pressure after 177K ETH outflows in past two days. Ethereum 's sideways move and historical Q3 market lull could prove to be the calm before the storm. Ethereum was down 1% on Wednesday as investors stepped up their buying pressure via exchange-traded funds and exchanges.

ETH posted similar declines from August to November 2022 and July to October 2023 before eventually seeing a rally. The move also aligns with ETH's historical Q3 market lull. If history repeats itself, ETH's current consolidation could prove to be the calm before the storm. ETH/USDT Daily chart On the upside, ETH faces a key resistance around the $2,817 level, which is the upper horizontal line of a key rectangle channel that prices have remained within since August.

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