Fourth week of outflows approaches for Ethereum ETFs as Coinbase Premium hits June low

$2,370: Ethereum price today

• A fourth straight week of net outflows is in prospect for US spot Ethereum ETFs.
• The lowest reading since June has been recorded by the Coinbase Premium Index.
• Support at $2,355 and the 100-day EMA are being tested by ETH.

$2,400 gave way for Ethereum (ETH) on Friday. Risk aversion continues to prevail across US markets.

Thursday brought another $110.5 million in outflows from US spot ETH exchange-traded funds (ETFs), leaving them on course for a fourth straight week of net withdrawals. Across the last 18 trading days, these products have attracted inflows on just two occasions, with the combined amount below $40 million.

US crypto-native trading platforms show a comparable trend. After briefly recovering earlier in the week, the Coinbase Premium Index has resumed its decline. It tracks the price gap between an asset traded on Coinbase Pro and Binance.

At -0.137, the index is at its weakest since June, when ETH set a cycle low near $1,500. According to on-chain analytics firm CryptoQuant, persistently negative readings show that ETH trades at a lower price on Coinbase than on Binance. This points to comparatively softer demand or active selling in US-based markets.

Selling pressure from the influential US market may be dragging on the wider ETH spot market. Following a modest decline on 22 October, Ethereum Exchange Reserves edged higher again on Friday. The indicator tracks the total ETH held in exchange wallets.

Between 25 September and 20 October, Exchange Reserves rose by 402K ETH. A 170K ETH decline over the past two days has since given way to a renewed upward trend.

With selling pressure prevailing, $2,311 remains an important support level to monitor. This is the Realized Price, representing the average on-chain cost basis.

100-day EMA under test: Ethereum technical outlook

Coinglass data show $60.5 million in Ethereum liquidations over the past 24 hours. Long positions accounted for the bulk, at $50.1 million.

Trading below the 20-day and 50-day Exponential Moving Averages (EMAs), which converge near $2,470, ETH retains a corrective bearish bias on the daily chart. It nevertheless remains just above the 100-day EMA around $2,357 and horizontal support nearby at $2,355. Sellers are therefore challenging the broader medium-term base without having breached it. Downside pressure persists, as indicated by the 14-day Relative Strength Index (RSI) near 38 and a Stochastic reading approaching oversold territory. If support holds, however, short-covering could emerge.

The 20-day and 50-day EMAs form the first resistance on any recovery. Beyond them lie the previous horizontal ceiling at $2,548 and another barrier near $2,637. Further gains would encounter stronger resistance at $2,782, followed by $3,075 and $3,253.

The first downside support zone combines the 100-day EMA at $2,357 with the neighbouring horizontal level of $2,355. Should ETH close below this area on a daily basis, the next support levels would come into view at $2,205, followed by $1,972 and $1,828. Buyers would be expected to regroup more decisively at those levels.

(The technical analysis of this story was written with the help of an AI tool. Know more.)