Ethereum is testing a major support level after U.S. spot Ethereum exchange-traded funds reported their first net outflows in more than a week, ending an eight-day streak of inflows.
Summary
- Ethereum price tests $4,300 support after ETF outflows.
- Spot ETH ETFs see first withdrawals in nine days.
- Traders expect rebound toward $4,600 if support holds.
Ethereum was trading at $4,352 at press time, down 2.3% over the last day and 3.2% for the week. The asset is still about 12% below its peak of $4,946 in Aug. 24.
Spot trading activity stayed strong, with $40.4 billion in volume over the past 24 hours, a 9% increase from the previous day. Derivatives data from CoinGlass showed a mixed setup.
Ethereum (ETH) futures trading volume rose 21.5% to $93.6 billion, while open interest slipped 0.83% to $59.2 billion, suggesting traders are taking partial profits while keeping positions open.
Spot ETH ETF outflows mark a brief pause in institutional demand
According to SoSoValue data, U.S. spot Ethereum ETFs saw $8.54 million in net outflows on Oct. 9, breaking a run of steady inflows. BlackRock’s ETHA ETF still posted $39.29 million in new inflows, but withdrawals from Fidelity ($30.26 million) and Bitwise ($8.07 million) turned the total negative.
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The shift came as investors rotated back toward Bitcoin (BTC), which saw nearly $198 million in inflows on the same day. Despite this pause, Ethereum ETFs have seen strong institutional interest, with net inflows of over $1.3 billion during the first week of October.
Analysts view the brief outflows as part of a normal rotation after heavy ETF accumulation earlier in the month. They expect momentum to return as key catalysts approach, including BlackRock’s staking ETF decision due by the end of October and upcoming U.S. consumer price index data that could affect risk appetite.
Ethereum price technical analysis
Ethereum’s technical setup points to a consolidating market as opposed to a declining one. The Relative Strength Index is neutral at 49, indicating balanced pressure between buyers and sellers. The MACD and momentum indicators remain positive, showing that the underlying trend is intact despite recent pullbacks.
Ethereum daily chart. Credit: crypto.news
ETH is currently trading slightly below its 10- and 20-day moving averages near $4,450, while its longer-term 50- and 100-day averages continue to rise, forming a support zone between $4,000 and $4,300. This implies that before another upward move, the current pullback might be a part of a larger consolidation phase.
Traders anticipate a recovery toward the $4,600 resistance level if the $4,300 support level holds. A breakout above that range could open the door to $4,950–$5,000, while a breakdown could lead to a retest of $3,900, where the next key support lies.
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