Ethereum News Today: Ethereum ETF Exodus Fuels Sell-Off as Whales Accumulate

Ethereum's price has plunged below $3,200, extending losses after multiple failed attempts to rebound above critical resistance levels, according to recent analyses. The cryptocurrency, which trades at approximately $3,130, is down over 5% in the past week, with technical indicators and market structure suggesting further downward pressure if key supports break. A bearish trend line forming on the hourly chart of ETH/USD, with resistance at $3,160, has failed to hold, raising concerns about a potential slide toward the $3,000 psychological threshold.

The decline has been exacerbated by massive outflows from Ethereum ETFs, which saw $400 million in redemptions in a single session, forcing providers to liquidate spot holdings and intensifying selling pressure. This mirrors Bitcoin's broader market selloff, as institutional investors rotated into gold and other safe-haven assets amid macroeconomic uncertainties. Meanwhile, Ethereum's relative strength against Bitcoin has softened, with the ETH/BTC ratio dropping as BTC's collapse outpaced ETH's decline.

On-chain data reveals a mixed picture. While retail traders and leveraged positions have driven much of the selling, large whale activity suggests selective accumulation. Addresses holding between 1 million and 10 million ETH have added nearly 460,000 ETH-worth over $1.6 billion at current prices-over four days, indicating long-term confidence despite short-term volatility. However, mega-whales holding over 10,000 ETH have reduced holdings, complicating the bullish outlook.

Technical analysis highlights a fragile setup. Ethereum is trading below the 100-hourly simple moving average, with the RSI dipping below 50 and the MACD gaining bearish momentum. Immediate support sits at $3,050, followed by $3,000, while a recovery above $3,280 could reignite bullish sentiment. A broader symmetrical triangle pattern, formed since August, remains intact, requiring a close above $3,653 to invalidate the bearish structure.

Institutional interest in Ethereum persists despite the selloff. BitMine Immersion Technologies, now the largest Ethereum treasury holder, has acquired 3.5 million ETH-valued at over $12.7 billion-and aims to control 5% of the total supply. Meanwhile, Harvard University tripled its stake in BlackRock's Bitcoin ETF (IBIT) in Q3, though such moves are rare for endowments, which typically favor direct asset ownership over ETFs.

The path forward remains uncertain. While whale accumulation and corporate treasuries provide a foundation for long-term stability, short-term risks loom large. ETF outflows, macro risk-off flows, and a volatile macro environment amplify downside potential. A breakdown below $3,050 could trigger a deeper pullback toward $2,900, while a sustained recovery above $3,650 might reignite bullish momentum.