Are Ethereum ETFs heading for a fourth week of outflows as Coinbase Premium hits its lowest since June?

Ethereum price today: Can ETH find support at $2,370?

• Net withdrawals from US spot Ethereum ETFs look set to extend into a fourth straight week.
• The Coinbase Premium Index has weakened to a level last seen in June.
• Support at $2,355 and the 100-day EMA are being tested by ETH.

Risk aversion continued to grip US markets on Friday, pushing Ethereum (ETH) below $2,400.

A fourth straight week of net outflows is taking shape for US spot ETH exchange-traded funds (ETFs), with a further $110.5 million withdrawn on Thursday. Over 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 are showing a comparable trend. After briefly recovering earlier in the week, the Coinbase Premium Index has resumed its decline. The index tracks the price gap between an asset traded on Coinbase Pro and Binance.

At -0.137, the index has reached its weakest reading since June, when ETH formed 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, signalling comparatively softer demand or active selling in US-based markets.

Selling in the influential US market may be putting pressure on ETH spot markets more broadly. Following a modest dip on October 22, Ethereum Exchange Reserves edged higher again on Friday. This metric tracks the total ETH held in wallets across exchanges.

Between September 25 and October 20, Exchange Reserves rose by 402K ETH. Although reserves fell by 170K ETH over the past two days, they are now moving higher again.

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

Ethereum technical outlook: Can the 100-day EMA support ETH?

Coinglass data show that Ethereum liquidations totalled $60.5 million over the past 24 hours, with long positions accounting for the largest share at $50.1 million.

A bearish corrective bias persists on ETH's daily chart, with the price trading below the 20-day and 50-day Exponential Moving Averages (EMAs), which converge near $2,470. Nevertheless, the altcoin remains just above the 100-day EMA around $2,357 and horizontal support nearby at $2,355. This suggests that sellers are challenging the broader medium-term base without having breached it so far. Downward pressure remains evident in the 14-day Relative Strength Index (RSI), near 38, and a Stochastic reading approaching oversold territory. These indicators also point to scope for short-covering should support hold.

Any recovery would first encounter resistance at the 20-day and 50-day EMAs. Beyond them lie the previous horizontal ceiling at $2,548 and another hurdle near $2,637. Further up, resistance strengthens at $2,782, followed by $3,075 and $3,253.

The first downside support zone comprises the 100-day EMA at $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 focus at $2,205, followed by $1,972 and $1,828. Buyers would be expected to regroup more firmly at these levels.

(An AI tool assisted in preparing the technical analysis for this article. Learn more.)