Ethereum entered the week under pressure after record outflows from U.S. spot ETFs. Grayscale’s ETHE recorded nearly $4.93 billion in cumulative redemptions, the largest among Ethereum ETFs, overshadowing smaller daily inflows across competitors like BlackRock’s ETHA.
ETHE’s 2.5% fee, much higher than rivals, continues to push legacy holders out. While BlackRock’s ETHA saw $68 million in daily inflows, the imbalance has left overall investor confidence fragile. Combined net ETF assets now sit around $19.15 billion, about 5.2% of Ethereum’s market cap, highlighting uneven structural demand.
Macro conditions add to the volatility. Slowing liquidity, cautious Fed guidance, and ongoing leveraged crypto liquidations have kept traders wary. Institutional appetite remains, but the rotation away from ETHE has created uneven demand that ETH must work through before a sustained rally emerges.
Technically, Ethereum trades near $3,002, under the 20-day EMA at $3,087, which has capped rebounds for nearly a month. A daily close above this level would signal the first meaningful shift in momentum. RSI has improved from 30 to around 40, easing bearish pressure, but no bullish divergence is yet confirmed.
Analysts see a potential retest of $3,080–$3,120, followed by either a rebound or rejection toward $2,632, with a deeper decline exposing $2,192, a key demand zone. To turn bullish, ETH must break above the 20-EMA and the channel ceiling near $3,300, which could open a path toward $3,666 and $4,242.
Patience is key for traders. A higher low around $2,700 or a confirmed close above $3,120 would validate recovery, potentially positioning Ethereum to lead a broader market rebound and attract capital into early-stage presale projects.
