Ethereum Dips on Whale Cash-Outs, ETF Inflows Remain Strong
Ethereum price retreated from an intraday high near $3,856 to lows around $3,640, slipping over 2% amid whale profit-taking and liquidation risks. On-chain data show heavy long exposure between $3,600 and $3,700, with a key liquidation line at $3,654.77 for a $3 million position. One whale reportedly offloaded 8,000 ETH (~$30 million). Volume remains elevated, and ETH futures open interest has climbed to $58 billion as traders engage around critical support levels at $3,500 and $3,000.
Institutional demand persisted: BlackRock’s spot Ethereum ETF added 27,000 ETH (~$100 million), and total spot ETF inflows reached 588,000 ETH last week. Ethereum also led digital asset inflows with $2.12 billion, backed by firms like SharpLink Gaming. On-chain metrics reveal continued staking growth and steady ETF inflows.
Technical indicators remain constructive, with the daily RSI below overbought levels and a bullish MACD. Traders see $4,000 as the next resistance before potential rallies to $13,000–$17,000, while upcoming network upgrades—Fusaka in early November, Devnet-3 and “Glamsterdam”—could further underpin Ethereum price momentum.
Bullish
Despite near-term profit-taking by whales and minor price corrections, robust institutional demand via spot ETFs, rising open interest, and constructive technical indicators (RSI, MACD) support Ethereum price strength. On-chain metrics show heavy long positioning absorbed by fresh inflows, while upcoming network upgrades (Fusaka, Devnet-3, Glamsterdam) add long-term catalysts. Traders are likely to view pullbacks at key supports as buying opportunities, targeting a breakout above $4,000 and higher price levels, indicating a bullish impact on ETH.