The Ethereum price continues to face selling pressure as the wider crypto market remains weak ahead of the next U.S. consumer inflation report. Ethereum slipped to around $1,985, which is roughly 60% below its August peak from last year. It also marks the fourth straight week of declines, cutting billions from its overall market value.
The Ethereum price has eased as interest in ETH ETFs has cooled and futures market participation has softened. SoSoValue data shows spot ETH ETFs recorded around $129 million in outflows on Wednesday, taking total monthly outflows to over $224 million. This is now the fourth consecutive month of net outflows, even though cumulative net inflows still sit near $11.75 billion.
Meanwhile, Ethereum futures open interest has been trending lower for months. It has fallen to about $23 billion, a steep drop from last year’s high of more than $70 billion. A decline in open interest often means fewer traders are taking positions, which can point to weaker demand and lower market activity.
Despite these negatives, staking data is improving. Recent figures show Ethereum staking has moved above 30% of the total supply for the first time. In addition, the staking queue has grown sharply in recent months. There are now over 4 million ETH waiting to be staked, while fewer than 25,000 ETH is waiting in the exit line.
Ethereum Price Prediction: Technical Analysis
On the weekly chart, the Ethereum price has stayed in a strong downtrend, falling from roughly $4,950 in August to about $1,988 now. It also dropped under a key support area near $2,112, a level last seen around August 2024.
Still, several technical indicators are beginning to suggest the selling trend may be weakening:
- ETH has built an inverted head-and-shoulders setup, which often signals a potential bullish reversal.
- The Average Directional Index (ADX) has declined from around 33 last July to roughly 21, hinting that the downtrend is losing force.
- The Relative Strength Index (RSI) is approaching 30, an oversold level and its weakest reading since April last year. ETH has frequently bounced after the RSI enters oversold territory.
With these signs in place, the market is showing early clues that Ethereum could be close to forming a bottom. If buyers step back in, the next major level to watch is the psychological $2,500 zone.
