10-day ETF Inflow Ends…Ethereum Warning Light On

▲ Ethereum (ETH) ©Godasol

An analysis suggests that Ethereum (ETH) has lost its direction in the early $2,300 range and stands at a crossroads between 'surge or collapse'.

According to investment media outlet TradingNews on April 24 (local time), Ethereum is currently trading at approximately $2,322, trapped in a narrow range between the $2,400 resistance level and the $2,255 support level. Over the past 48 hours, institutional capital outflows and technical bearish signals have emerged simultaneously, rapidly shaking the market structure.

The most notable change is institutional supply and demand. The Ethereum spot ETF recorded a net outflow of approximately $75.94 million, breaking a 10-day consecutive inflow streak. This marks the first outflow signal since cumulative inflows of approximately $630 million, indicating that institutional investors have turned to a wait-and-see approach along with profit-taking.

Technically, warning signs are also clear. The Moving Average Convergence Divergence (MACD) maintains a bearish signal at -12.4, and the Relative Strength Index (RSI) has fallen to 39, indicating strengthened selling pressure. Especially, as it enters a phase testing the uptrend line that has continued since the February low, analysis suggests that a break below could open up room for a decline to $2,200 and even $2,000.

However, positive elements also exist in structural supply and demand. Bitmine has staked approximately 3.5 million ETH, valued at about $8.35 billion, securing about 4.1% of the total supply. This is 'locked capital' aimed at long-term profits rather than simple investment funds, and it is interpreted as a medium-to-long-term upward foundation as it creates the effect of reducing the circulating supply in the market.

In the short term, the market views the breakthrough of $2,400 as a key turning point for a rebound, while a breakdown of $2,255 in the event of a decline would act as a signal for further downward movement. With institutional capital outflows, DeFi risks, and macroeconomic variables all overlapping, the next 5-7 days are expected to be a critical period for determining direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*