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1h ago

Ethereum Pulls Back From $4,800 Test as Spot ETFs Keep Inflow Streak

Spot funds took in $421 million Tuesday, underscoring steady institutional demand.

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Ethereum

Overview

  • Ether fell roughly 6% to about $4,450 after a failed push through the $4,700–$4,800 resistance zone, with technicians citing a bearish divergence.
  • Leverage unwound sharply, with roughly $635 million in crypto positions liquidated over 24 hours, including about $489 million in longs, and ETH longs leading the losses.
  • CryptoQuant reported a $1.7 billion drop in ether futures open interest in the last day, indicating profit‑taking by traders who had been long.
  • U.S. spot Ethereum ETFs logged about $421 million of net inflows on Oct. 7 for a seventh straight positive day, as exchange balances hover near multi‑year lows around 16.1–17.4 million ETH.
  • Traders highlight $4,400–$4,420 as key support and $4,600–$4,750 as resistance, while broader flows stayed constructive with $875.6 million into Bitcoin ETFs and BTC trading near $122,000.