Ethereum Price Plunges Below $1,700 Amid ETF Outflows and Fed Caution

Ethereum's price dipped below $1,700 as investors grew cautious following ETF outflows and the Federal Reserve's steady hand on interest rates.

The crypto lost over 2% to trade near $1,696 after breaking key technical supports like its rising channel and the 200-hour SMA.

Outflows from spot Ethereum ETFs reached $12.77 million, with large holders reducing activity, adding pressure on the price.

However, network growth hints at a potential rebound, with 13.2 million monthly active users on the Ethereum network.