Ethereum Price Faces Downward Pressure Amid Declining Demand

Ethereum's price has been under pressure in recent days, with the cryptocurrency struggling to stay above the $2,200 level. According to data from CoinGlass, Ethereum exchange-traded funds (ETFs) recorded an outflow of $32.4 million on Thursday, marking a ninth consecutive day of losses.

The decline in institutional demand has been particularly notable, with the ETFs losing millions of dollars since last week's peak. This is despite some mixed signals from the derivatives market, with the OI-Weighted Funding Rate standing at 0.0057% and indicating indecision among traders.