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2h ago

Ethereum Pulls Back From $4,700 Resistance as ETFs Absorb Supply and Leverage Clears

Robust ETF demand alongside low exchange supply is helping stabilize prices after a failed breakout.

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Overview

  • Ether slipped more than 6% to roughly $4,450 after a rejected push through the $4,700–$4,800 zone, keeping price action rangebound.
  • Roughly $635 million in leveraged crypto positions were wiped out over 24 hours, including about $489 million in longs, with ETH long liquidations (~$142 million) exceeding Bitcoin’s (~$114 million).
  • U.S. spot Ethereum ETFs recorded about $420 million of net inflows on Oct. 7, extending a multi‑day streak as combined ETH ETF assets topped $30 billion.
  • Exchange-held ETH has fallen to about 16.1 million, more than 25% below 2022 levels, alongside large corporate treasuries reported by BitMine (~2.65 million ETH) and SharpLink (~838,728 ETH).
  • Bitcoin held near $122,000 on continued spot-ETF inflows and exchange withdrawals, a dynamic that has supported BTC leadership and constrained immediate rotation into altcoins like ETH.