Peter Smith
Ethereum (ETH) bleeding as institutions bail out with $141 million ETF outflows in a single day. ETH sits at $4,180, teetering on crucial support that could decide its next major move.
Ethereum's having a rough week. The second-largest crypto has been stuck in sideways action, getting hammered by fresh selling pressure and steady ETF outflows. Right now, ETH is trading at $4,180 - down 0.63% after bouncing back from today's low near $4,070.
This marks a brutal 8% weekly drop from ETH's recent highs above $4,700. What's particularly painful is how quickly things turned south after last weekend's rally briefly got bulls excited about a potential comeback.
Massive ETH Price Sell-Off as Institutions Head for the Exits
The institutional exodus from Ethereum is getting ugly. On September 23 alone, four out of nine spot Ethereum ETFs dumped a combined $141 million - and that's just one day.
Fidelity's FETH fund led the charge with $63 million in outflows. Grayscale's ETH and ETHE funds weren't far behind, bleeding $53 million combined, while Bitwise's ETHW saw $24 million walk out the door. When you see this kind of coordinated selling from the big players, it's clear something's shifted in institutional sentiment.
Here's the thing though - despite this recent bloodbath, Ethereum ETFs have still pulled in over $13 billion since launching mid-2024. But right now, everyone's watching those key support levels to see if ETH can hold its ground or if we're heading for another leg down.
ETH Price Analysis: Make or Break Time at $4,000
Technically speaking, Ethereum's trapped in a descending channel between $4,085 and $4,200. The daily chart shows ETH fighting to stay above that critical $4,120-$4,200 support zone - and this is where things get interesting.
If that support crumbles, the next stop is $4,000. But here's the kicker - if ETH can't hold $4,000, we could see a fast trip down to $3,600. That's a significant drop that would really test the bulls' resolve.
The momentum indicators are telling a mixed story. MACD and RSI suggest bears are still in control, but there are hints that the selling pressure might be running out of steam. The MACD histogram shows weakening negative momentum, while RSI is sitting in neutral territory.
ETH needs to reclaim $4,360 to get bulls excited about a push toward $4,550. Until then, expect more sideways chop with a downward bias.
Peter Smith
