Overview

• Ether is holding above $4,400 and retesting the $4,505 zone that traders view as pivotal for a breakout toward approximately $4,650–$4,800.
• Spot ETH ETFs posted fresh net inflows this week—SoSoValue cites three straight days near $80 million—following a $547 million single‑day spike on Sept. 29 led by Fidelity and BlackRock.
• On‑chain analysts report accelerated withdrawals from centralized exchanges, with Exchange Flux Balance turning negative for the first time in their dataset, pointing to a developing supply squeeze.
• Derivatives activity is elevated, with futures open interest around $56–$59 billion and spot/futures volumes higher, supporting upside but increasing short‑term liquidation risk.
• Technical signals include a weekly hammer and reclaimed supports near $4,300–$4,350, while broader “Uptober” risk‑on flows and rate‑cut expectations provide tailwinds that remain dependent on continued ETF participation.