Ethereum News Today: Bullish Structure, Bearish Outflows: Ethereum's $4,700 Test

Ethereum's price action has ignited a debate among analysts, with conflicting signals emerging from technical patterns, on-chain data, and institutional flows. While the cryptocurrency holds near $3,900 amid a Wyckoff re-accumulation structure, ETF outflows and bearish on-chain indicators have raised questions about its near-term trajectory.

Ethereum has formed a Wyckoff re-accumulation pattern near $4,000, signaling potential for a continuation toward higher resistance levels. The structure includes key phases such as the Buying Climax, Secondary Test, and Selling Climax, with the Last Point of Support (LPS) near $4,050. Analyst Ash Crypto notes in the report that if momentum persists, Ethereum could target $8,000–$10,000 in this cycle. On-chain metrics in the same report reinforce this optimism: Ethereum's Total Value Locked (TVL) on DeFi platforms has surged above $85 billion, while daily decentralized exchange volume hit $4.076 billion.

However, Ethereum faces immediate resistance near $4,700, a level previously rejected three times. Analyst Kamran Asghar highlights in the analysis that recent buying pressure suggests a potential break above this zone, though the path remains uncertain.

Institutional interest in Ethereum remains mixed. JPMorgan recently announced a lending program to allow accredited clients to use Ethereum as collateral for loans, marking a significant step toward mainstream adoption. Meanwhile, Ethereum ETFs have seen consecutive outflows totaling $244 million, contrasting with Bitcoin ETF inflows of $446 million. Analysts attribute this shift to Bitcoin's perceived role as a "safe-haven asset" amid macroeconomic uncertainties, with institutions rotating capital toward the leading cryptocurrency, as a Coinotag report notes.

Despite short-term volatility, long-term projections remain optimistic. Ethereum's price prediction targets $10,000 by 2028, supported by a Coinotag projection that cites its position above a critical ascending trendline near $3,900. Analyst Ali Charts emphasizes in the same piece that Ethereum's structure shows resilience, with higher lows forming since its 2024 low of $1,850. However, a short-term dip to $2,000 is projected before recovery accelerates from mid-2026.

Bullish sentiment is tempered by bearish on-chain indicators. Ethereum's MVRV Momentum recently formed a death cross, a pattern historically preceding sharp selloffs, such as the 2025 drop from $3,300 to $1,400. Additionally, spot ETF outflows—led by BlackRock's ETHA with $117.8 million in redemptions—highlight investor caution. While Ethereum remains above its fair value zone (realized price of $2,300), analysts note in a price analysis that further gains will require fresh liquidity rather than leveraged buying.

The broader market context suggests a wait-and-see approach. Bitcoin's dominance as a liquidity sink and the absence of Ethereum-specific catalysts, such as major network upgrades, have delayed a broader altcoin rally, as an altseason analysis explains. However, analysts like Ash Crypto anticipate a shift in late 2025, with three expected rate cuts and 155 pending altcoin ETF filings potentially reigniting risk-on sentiment, the analysis adds.

Ethereum's near-term outlook hinges on its ability to break above $4,700 and sustain momentum. While on-chain fundamentals and institutional adoption provide a bullish foundation, ETF outflows and bearish technical signals underscore market fragility. Investors remain divided between long-term optimism and short-term caution, with macroeconomic developments and regulatory clarity likely to shape the next phase of Ethereum's journey.