Amidst the strong spill of ETFs, the price of Ethereum sinks to $4,100, can it recover?

Ethereum has been trading sideways all week and was overwhelmed by updated sales pressure and stable spills from Spot ETFS.

summary

Ethereum prices sink to $4,100 when the Spot ETF spill reaches $141 million in a day.
Redeeming the facility is putting pressure on ETH with a seven-day loss of about 7% from its recent high.
The technical signal shows a key support of around $4,120 when traders monitor movements below $4,000

Ethereum traded at $4,180 at press, down about 0.63% after a modest recovery from today’s low of nearly $4,070. Over the past few days, the second-largest cryptocurrency has moved almost sideways, dropping by about 8% per week.

This shows a strong pullback from the recent highs of ETH (ETH) above $4,700. The latest drop follows a weekend rally that temporarily rekindled hopes of uptrends before assets quickly retreated in response to a surge in liquidation and institutional redemption.

Outflows from ETH tracking funds are accelerating, indicating that four of the nine spot Ethereum ETFs recorded a net outflow of a total of $141 million on September 23.

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This broad drawback from the main publisher suggests that following a few weeks of mixed flow, institutional sentiment has become more cautious in the face of increased volatility and profits.

Despite the rapid market movement, the cumulative net inflow into Ethereum ETFs remains strong, exceeding $13 billion since its launch in mid-2024. However, after a few days of massive sales, the focus is on key support levels to measure whether ETH can recover or whether more spills push down another leg.

Ethereum prices at intersections

Recent downward pressures have led to Ethereum prices continuing to move within the downward channel, consolidating between $4,085 and $4,200. On the daily charts, ETH is fighting to surpass the key support zone at $4,120-4,200. If this level is compromised, the next important level to watch is $4,000. If it falls below $4,000, it could accelerate sales and bring ETH closer to around $3,600.

Momentum indicators like MACD and RSI suggest that bear pressure is still working, but there are early signs that the downside may lose steam. The MACD histogram shows a decrease in negative momentum, but RSI has not been oversold or oversold. This suggests that the market may be poised during the horizontal period.

Overall, the chart points to scenarios bound to the careful scope of Ethereum in the short term. If the price can be regained decisively at $4,360, it will be possible to quickly recover to a high resistance level of $4,550. Until then, lateral effects with mild downward bias appear to be most likely.