Ethereum is trading at $4,180 at press time, down about 0.63% after rebounding modestly from an earlier dip near $4,070. Over the past week, ETH has slipped nearly 8%, with price action largely moving sideways following a sharp retreat from recent highs above $4,700.
The latest pullback comes after a short-lived weekend rally that briefly rekindled bullish hopes before being cut short by a wave of liquidations and institutional redemptions. Outflows from Ethereum ETFs have accelerated, with four of the nine spot products recording a combined $141 million in net redemptions on September 23. Fidelity’s FETH led the withdrawals with $63 million, followed by Grayscale’s ETH and ETHE at $53 million, and Bitwise’s ETHW at $24 million.
This wave of selling from major issuers underscores a more cautious stance from institutions amid heightened volatility and profit-taking. Still, cumulative inflows into spot Ethereum ETFs remain strong at over $13 billion since their mid-2024 debut.
On the technical side, ETH continues to trade within a descending channel, consolidating between $4,085 and $4,200. The immediate support zone lies between $4,120–$4,200; a breakdown below could open the door to $4,000, with further downside risk toward $3,600 if selling pressure intensifies.
Momentum indicators show mixed signals. The MACD histogram points to easing negative momentum, while the RSI sits in neutral territory—neither oversold nor overbought—suggesting ETH may be entering a phase of range-bound consolidation.
Looking ahead, reclaiming $4,360 would be the first sign of recovery, potentially setting up a push toward resistance at $4,550. Until then, Ethereum appears likely to trade sideways with a slight bearish bias.
