Bearish Signal Emerges for Ethereum as US Spot Demand Fades

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Ethereum remains under pressure as it stabilizes near $2,950–$3,000 after a decline toward $2,850. Selling pressure continues to cap short-term rebounds, keeping the asset within a corrective structure. On the other hand, recent accumulation by institutional players like BitMine Immersion suggests continued strategic interest in the token. The market is closely watching how Ethereum navigates key resistance levels and whether the recent ETF inflows will provide a lasting boost.

Technical indicators reveal mixed signals. The RSI for Ethereum is hovering near 60, while the MACD continues to show positive divergence with expanding green histogram bars above the mean line. However, a close below the 50-day EMA at $3,129 could reignite bearish momentum, threatening the $3,000 level. Traders are also monitoring the blue MACD line's potential crossover with the signal line as a possible confirmation of further selling.

Price volatility has returned to the forefront amid mixed ETF flows and broader crypto market uncertainty. While early January saw $174 million in net inflows for US spot Ethereum ETFs, this is in contrast to late-2025 outflows amid broader market corrections. The shift in sentiment highlights the importance of institutional activity in influencing Ethereum's price direction.

Why Did This Happen?

Ethereum's bearish pressure is partly attributed to fading US spot demand and broader market corrections. In early January, Ethereum ETFs saw a rebound with positive flows, but this followed a period of underperformance relative to commodities like gold and silver. The market is also adjusting to the broader regulatory environment, which has seen both optimism and caution from major institutions.

Institutional players have continued to accumulate Ethereum, with BitMine Immersion adding 32,977 ETH last week to its treasury. This brings its total holdings to 4.14 million ETH, or 3.43% of the global Ethereum supply. BitMine also staked 659,219 ETH ahead of the launch of its Made in America Validator Network (MAVAN). These actions indicate confidence in Ethereum's long-term utility and staking rewards, despite near-term volatility.

How Did Markets Respond?

The broader market reaction has been mixed. While Ethereum bulls remain active and are holding above key moving averages, bearish traders are also present, pushing the price down to critical support levels. The 50-day EMA currently acts as a short-term floor, while the 100-day and 200-day EMAs remain important psychological targets for a potential breakout.

Institutional ETF flows have played a role in Ethereum's recent price action. Spot ETFs have shown positive momentum, particularly in early January, but this is not enough to reverse the bearish trend without continued retail and institutional participation. Analysts are watching for a sustained close above the 50-day EMA at $3,260 as a potential catalyst for a more bullish move.

What Are Analysts Watching Next?

Analysts are closely monitoring Ethereum's validator entry queue, which has grown larger than the exit queue for the first time in six months. This is seen as a potential bullish on-chain signal, with historical parallels to prior rallies. If the trend continues, it could lead to increased staking demand and reduced selling pressure from validators who have been unstaking for months.

Technical analysts are also focused on Ethereum's position relative to key resistance levels. A breakout above $3,447.44 would trigger algorithmic buying and open the door to testing the 200-day SMA at $3,610. This could validate longer-term bullish targets and signal a major trend reversal.

Investors are also tracking broader market conditions, including Bitcoin's performance and the regulatory landscape. Bitcoin's support level at $90,000 remains a key watchpoint for the entire crypto market, as any further breakdown could lead to a broader sell-off. The regulatory environment remains a wildcard, with major banks like Goldman Sachs and Morgan Stanley showing continued interest in crypto-related products and ETFs.

The overall market sentiment suggests that Ethereum could test $3,600 in the coming weeks, especially if institutional demand and staking activity continue to pick up. However, a breakdown below $3,000 would likely reinforce bearish sentiment and push the price toward critical support levels at $2,775.19 and $2,623.57.

Investors are advised to monitor key indicators like RSI and MACD for signs of momentum shifts, as well as broader market trends that could influence Ethereum's performance. For now, the market remains in a consolidation phase, with bulls and bears both poised to take control depending on how the next few days unfold.