Ethereum was trading at $4,352 at the time of writing, down 2.3% over the past 24 hours and 3.2% for the week. The cryptocurrency remains roughly 12% below its August 24 peak of $4,946.
Spot trading remained robust, with $40.4 billion in volume over the past 24 hours, marking a 9% increase from the previous day. Derivatives data from CoinGlass painted a mixed picture. Ethereum futures trading volume climbed 21.5% to $93.6 billion, while open interest slipped 0.83% to $59.2 billion, suggesting traders are taking partial profits but keeping positions open.
Spot ETH ETF Outflows Reflect Temporary Pause in Institutional Demand
Data from SoSoValue showed that U.S. spot Ethereum ETFs experienced $8.54 million in net outflows on October 9, interrupting a streak of steady inflows. BlackRock’s ETHA ETF still saw $39.29 million in new inflows, but withdrawals from Fidelity ($30.26 million) and Bitwise ($8.07 million) pushed the total into negative territory.
The rotation appeared to favor Bitcoin, which attracted nearly $198 million in inflows on the same day. Despite the brief pause, Ethereum ETFs have continued to draw strong institutional interest, with net inflows exceeding $1.3 billion during the first week of October.
Analysts view these minor outflows as a normal rotation following heavy ETF accumulation earlier in the month. They expect momentum to return as major catalysts approach, including BlackRock’s staking ETF decision expected by the end of October and upcoming U.S. consumer price index data that could influence risk appetite.
Ethereum Price Technical Analysis
Ethereum’s technical setup points to consolidation rather than a decline. The Relative Strength Index (RSI) sits at a neutral 49, reflecting balanced pressure between buyers and sellers. Meanwhile, the MACD and other momentum indicators remain positive, signaling that the underlying uptrend remains intact despite recent pullbacks.
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.
