Ethereum ETFs approach fourth week of outflows as Coinbase Premium drops to lowest since June

Ethereum trades at $2,370 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.

The $2,400 mark gave way on Friday as Ethereum (ETH) fell amid a persistently risk-averse mood across US markets.

Thursday’s further $110.5 million withdrawal leaves US spot ETH exchange-traded funds (ETFs) heading for a fourth successive week of net outflows. Across the last 18 trading days, these products have attracted inflows on just two occasions — amounting to less than $40 million in total.

US crypto-native trading platforms show a comparable trend. Following a short-lived recovery earlier in the week, the Coinbase Premium Index has resumed its decline. The index tracks the difference between an asset’s price on Coinbase Pro and its price on Binance.

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

Selling in the influential US market may be putting pressure on ETH spot markets more broadly. After easing slightly on 22 October, Ethereum Exchange Reserves edged higher again on Friday. This metric tracks the total ETH balance held in exchange wallets.

Between 25 September and 20 October, Exchange Reserves rose by 402K ETH. Although reserves fell by 170K ETH over the past two days, their upward trend has now resumed.

With selling pressure prevailing, $2,311 remains an important support level to monitor: it marks the Realized Price, or average on-chain cost basis.

Ethereum technical outlook: ETH puts the 100-day EMA to the test

Liquidated long positions accounted for $50.1 million of the $60.5 million in Ethereum liquidations recorded over the past 24 hours, Coinglass data show.

Trading below the 20-day and 50-day Exponential Moving Averages (EMAs), which converge near $2,470, ETH retains a bearish corrective 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 wider medium-term base without yet breaking it. A 14-day Relative Strength Index (RSI) reading near 38, alongside a Stochastic reading approaching oversold territory, points to continued downside pressure. These readings also suggest scope for short-covering should support remain intact.

The 20-day and 50-day EMAs provide the first resistance on any rebound. Beyond them lie the former horizontal ceiling at $2,548 and a further hurdle near $2,637. Stronger resistance follows at $2,782, with $3,075 and $3,253 further above.

Initial support on a decline lies at the 100-day EMA of $2,357 and 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 firmly at those levels.

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