Ethereum ETF Outflows and Key Resistance Levels Test Price Momentum
After a week of strong inflows, U.S. spot Ethereum ETFs saw a notable shift in investor behavior between September 29 and October 1. A $118 million withdrawal broke a seven-day streak of net buying, following a $690 million inflow the prior week. BlackRock’s iShares Ethereum Trust (ETHA) led the earlier surge with $326 million, while Fidelity’s Ethereum Fund (FETH) added $174 million. However, Fidelity’s fund later experienced $24 million in outflows on October 1, contributing to the overall exit. This movement suggests a cooling of institutional enthusiasm for Ethereum compared to Bitcoin, which saw $2.4 billion in inflows the week ending September 25.
Ethereum is currently trading near $3,160, testing resistance between $3,200 and $3,400. A daily close above this range could push prices toward $3,800 to $4,000, but an intermediate barrier at $3,600 to $3,700 must first be cleared. Downside risks include a $3,000 CME gap and potential drops to $2,700 to $2,800 if momentum fades. Market sentiment has shifted from fear to extreme greed, but technical levels remain a key focus.
The Pectra upgrade, implemented in May 2025, significantly altered Ethereum’s dynamics. It increased validator efficiency, leading to negative net issuance in early 2026. About 35% of the supply, or 42.7 million ETH, is now staked. The upgrade also expanded the maximum effective balance for validators and introduced gas fee payments in tokens like USDC. Additionally, the network processed $8 trillion in stablecoin transfers in Q4 2025 and holds $148 billion in stablecoins.
Recent exchange flows add uncertainty. Wintermute transferred 61,847 ETH, worth $160.3 million, into Binance and Coinbase, potentially weighing on prices. Meanwhile, Bitmine has accumulated 5.90 million ETH, about 4.9% of the circulating supply, raising questions about whether such corporate stashes can offset ETF outflows.