Ethereum's price has experienced a sharp decline, falling below the critical $2,350 support level and trading as low as $2,253. This represents an approximate 8% drop from a recent swing high of $2,465. Analysts attribute the sell-off partly to escalating geopolitical tensions between the US and Iran, which have triggered risk aversion across financial markets.
The technical picture shows ETH struggling below the 100-hour Simple Moving Average. A bearish trend line has formed on the hourly ETH/USD chart, with resistance currently sitting at the $2,300 level. The price is now consolidating above a key near-term support zone at $2,250. A failure to hold this level could lead to further declines toward $2,220, $2,150, or even the $2,100-$2,120 region.
For a recovery, Ether must first clear the $2,300 and $2,335 resistance levels. A decisive move above $2,360—which aligns with the 50% Fibonacci retracement level of the recent drop—could open the path toward $2,415 and potentially retest the $2,465 high. Technical indicators are currently bearish, with the hourly MACD gaining momentum in negative territory and the RSI below the 50 level.
Despite the price weakness, Ethereum spot Exchange-Traded Funds (ETFs) recorded strong net inflows of $276 million for the week of April 13-17. Fidelity's FETH led with $126 million in weekly inflows, bringing its total historical net inflows to $2.36 billion. BlackRock's ETHA followed with $99.2 million, boosting its cumulative inflows to $11.83 billion. Grayscale's ETHE was the sole fund in the group to see outflows, losing $16.7 million. Total net assets across all Ethereum spot ETFs now stand at $14.26 billion.
Fundamental supply dynamics remain supportive. Over 32% of all Ethereum is now staked, effectively removing a significant portion of supply from active circulation on exchanges, which could create a tighter market over time. Furthermore, on-chain data shows a potential shift in sentiment: Net Taker Volume has flipped positive to around +$102 million since March, reversing a previous pattern of heavy selling pressure that saw readings as low as -$568 million during earlier rallies.
