Ethereum Stuck in Consolidation as US Investors Remain Hesitant

Ethereum's price has remained steady at $1,910 over the past week, despite a few signs of improvement in exchange-traded funds (ETFs) and on-chain metrics. However, investor sentiment remains subdued, with US investors still hesitant to return to the market.

According to CryptoQuant data, Ethereum distribution across key wallet cohorts saw negligible changes during this period. Whales holding 10K-100K ETH saw modest inflows of only 10K ETH, while smaller investors with balances between 100-1K and 1K-10K ETH held steady with mild distributions.

The same trend is evident in Ethereum exchange net flows, which measure the difference between coins flowing in and out of exchanges. After a slight rise earlier in the month, the metric posted a modest tilt below the zero line in the past week, indicating a lack of directional bias in the spot market.

US spot ETH ETFs continue to show improvements, bouncing back from a tiny $2.26 million outflow last week with $30.85 million in net inflows on Monday, per SoSoValue data. However, this move does not seem to be translating into overall US investor sentiment, which remains subdued.

Looking at the technical outlook, Ethereum is on the verge of breaking above its 100-day EMA resistance, with a possible price target around $2,172 or further up at $2,431. However, immediate resistance is seen at the 100-day EMA followed by the horizontal barrier around $1,961.