The price of Ethereum is struggling to maintain a recovery above $ 2,500 on October 14: constant withdrawals from ETFs, weak sentiment and technical resistance limit purchases.
According to TradingView, at the time of writing, ETH was trading at $2,508.58, having gained 0.43% a day after moving in the range. 2 497,94–2 522,63 The coin is trying to recover from the sell-off that took prices to 2,400, but remains below important resistances on the daily chart.
American spot Ethereum ETFs recorded $542.2 million in net withdrawals for the week to October 9th. According to Farside Investors, outflows have been going on for five consecutive sessions, including 201.9 million on October 6 and 160.9 million on October 7. This is part of a series of sales since September 29, and total repayments reached 697.4 million in nine sessions. A significant portion came from ETHA from BlackRock. On October 6, ETH was worth about 2,718, and in the next session it lost 2,600. Sales took him to 2,409, and recovery attempts failed decisively to exceed 2,500.
CoinGlass data on liquidations indicate accumulations above 2,585, in the 2,635-2,640 zone and at 2,740. At the same time, BitMine Immersion Technologies bought another 12,532 ETH in the week to October 11, bringing its reserves to 6,028,946 coins, or about 4.9% of the supply. Tom Lee warned that sales in the South Korean market could spill over to the crypto through liquidations, after the KOSPI fell by more than 6% on October 13.
On the daily chart, ETH is trading below the average Bollinger band (2,617.99). The lower band is 2,425.34, near the area where buyers entered the market. Aroon Down – 57,14%, Aroon Up – 14,29%. On the four-hour chart, the MACD is improving: the line is minus 8.68 higher than the signal minus 10.01, the histogram is positive 1.33, but both lines are below zero.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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