Ether price struggles to regain $3K amidst Bitcoin’s ETF outflows

Bitcoin (BTC) experienced a decline in its price on February 20 due to limited buy demand caused by a public holiday in the United States. Despite starting the week on a flat note, BTC/USD saw a drop after the daily close on February 19, but managed to recover and reach $52,000. The closure of Wall Street on the previous day prevented any new inflows into spot Bitcoin exchange-traded funds (ETFs). These inflows have consistently boosted market sentiment in recent weeks, as investors try to get ahead of institutions by purchasing BTC in advance. Analysts predicted that the long weekend would lead to a decrease in BTC price action after its recent rapid gains. If the bounce doesn’t occur at the current level, support can be expected at $51k, followed by $50k and $48.6k. Meanwhile, attention shifted to Ether (ETH), the largest altcoin, as Bitcoin’s performance remained lackluster. Ether reached new 22-month highs of $2,984 on Bitstamp. Traders believe that this is a significant period for investors to shift from Bitcoin to Ethereum. Altcoins, in general, are seen as promising opportunities for traders, although Bitcoin is expected to maintain its strength on weekly timeframes. This article does not provide investment advice, and readers are advised to conduct their own research before making any decisions.