Ethereum is currently trading at $3,857, down 0.2% in the past 24 hours. Over the past week, ETH has ranged between $3,709 and $4,183, marking a 10% decline over the last 30 days and a 6% weekly loss. The token remains 21% below its August peak of $4,946.
Despite the recent pullback, market activity is picking up. 24-hour trading volume rose 35.2% to $45.8 billion, while derivatives volume jumped 57.3% to $114.2 billion, according to CoinGlass. Open interest also edged up 0.6% to $43.8 billion, indicating traders are gradually rebuilding positions after last week’s correction.
Spot ETH ETFs see renewed inflows
After three consecutive days of outflows, U.S. spot Ethereum ETFs recorded $141.6 million in net inflows on Oct. 21, according to SoSoValue. Fidelity’s FETH led with $59.07 million, followed by BlackRock’s ETHA at $42.46 million. Smaller but notable inflows were reported for Grayscale’s Mini ETH and ETHE, with $22.58 million and $13.14 million, respectively. No ETFs reported outflows on the day.
Analysts suggest these renewed inflows could provide short-term support for ETH, particularly if momentum continues through late October. Investors are also closely watching the upcoming FOMC rate decision on Oct. 28–29, with markets pricing in a 95% chance of a 25 bps rate cut. A dovish signal could boost liquidity for risk assets like cryptocurrencies, while a hawkish stance might reignite macro pressure.
Ethereum price technicals
On the daily chart, Ethereum is trading below the Bollinger Band midline at $4,146, with resistance at $4,720 and support near $3,563. The narrowing bands suggest price compression, which often precedes a significant directional move.
Ethereum’s relative strength index (RSI) stands at 41.15, indicating the market is not yet oversold but showing some bearish momentum. A short-term rebound could be confirmed if the RSI rises above 45–50, while a break below 40 may trigger further declines.
Most moving averages—including the 10-, 20-, 50-, and 100-day EMAs—currently signal a sell, reflecting short-term weakness. The 200-day EMA sits lower at $3,570, still supporting a long-term uptrend.
If spot ETH ETF inflows continue and the Fed delivers a rate cut, Ethereum could gain traction above $3,900, potentially retesting the $4,350–$4,500 range. Conversely, if inflows slow or macro sentiment deteriorates, ETH may dip below $3,800, opening the path toward $3,560 support or even $3,400.
