In a week dominated by geopolitical tensions over Greenland and back-and-forth tariff threats, Ethereum (ETH), like the broader crypto market, once again showed a strong correlation with macroeconomic factors. The top altcoin is down 12% since the beginning of the week.
The price reflects risk aversion from traditional players and crypto-native retailers. US spot ETH exchange-traded funds (ETFs) have recorded outflows of $569.4 million so far this week, marking three consecutive days of negative inflows, according to data from SoSoValue.
A similar sentiment is evident in retailers or wallets holding 100-1K ETH and 1K-10K ETH. These groups continued their selling activity from December, delivering a combined 520K ETH since Sunday.
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Accumulation from whales (wallets with 10K-100K ETH) has eased the pressure over the past weeks. However, net purchases from this group remained fairly neutral during the period.
On the derivatives side, open interest increased by 520K ETH to 12.99 million ETH, but this increase is not entirely focused on long bets as funding rates have remained stable. are fluctuating more strongly Compared to normal circumstances.
Meanwhile, Ethereum’s number of active addresses and transactions continue to hit record highs, maintaining their new momentum since the Fusaaka upgrade. However, JPMorgan analysts said caution Such surges in network activity do not last long after major upgrades.
Additionally, the Ethereum validator entry queue is rising to new highs, reaching 3.13 million ETH on Friday. The total value of assets staked on the network also hit a record high of 36.3 million ETH.
Ethereum price forecast: ETH could drop to $2,627 if it loses $2,880 support
ETH tested support levels near $2,880 this week after rejection around the 20-week exponential moving average (EMA) and a drop below the ascending triangle support.
On the downside, if ETH loses the $2,880 level, it could find support near $2,627 – which is strengthened by the 200-week EMA. On the positive side, ETH needs to rise above $3,470 to start an uptrend.
The Relative Strength Index (RSI) is below its neutral level while the Stochastic Oscillator (Stoch) is in the oversold zone, indicating a major bearish momentum.
