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Ethereum’s rally stalled just 1.94% below its November 2021 all-time high of $4,878 before sellers forced a pullback. Now, ETH USD is trading near $4,450, retreating after a +29% climb in the past 30 days.
The inability to break through resistance highlights the technical overhang that continues to cap upside momentum even as institutional flows remain a dominant driver of short-term performance.
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ETF Inflows Crushed After 8 Day $3.7Bn Streak – Are ETH USD Outflows Here to Stay?
The rejection coincided with the first net outflow from U.S. spot Ether ETFs in nine trading sessions.
According to Farside data, $59.3M left the products on Friday, ending an eight-day streak funneling $3.7Bn into BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s Ethereum Mini Trust.
(Source)
Since their July 2024 launch, spot Ether ETFs have amassed $12.68Bn in cumulative flows, but the end of the inflow streak introduces a new datapoint for traders weighing the durability of the rally. https://cointelegraph.com/news/ether-etf-outflow-day-inflow-streak-billions-eth-price-predictions
ETF flows have become one of ETH’s most reliable proxies for institutional positioning. Analysts note that sustained inflows are critical for challenging the $4,878 ATH ceiling.
Standard Chartered raised its year-end ETH target to $7,500 this week, contingent on the continuation of strong net ETF demand.
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SharpLink Loss Compound Reversal in ETH USD Sentiment
The flow reversal is the shadow of a weak earnings print from SharpLink Gaming, the second-largest Ethereum digital asset treasury company.
As the firm reported a $103.4M net loss in Q2, equity markets panicked, triggering a -15% stock decline.
Roughly $87.8M of the hit came from non-cash impairment charges linked to liquid staked ETH being marked at quarter-low prices of $2,300.
While SharpLink’s 728,804 ETH holdings are now worth more than $3.3Bn at spot, the accounting treatment amplified headline losses and pressured sentiment around Ethereum treasuries more broadly.
The confluence of a failed breakout, ETF outflows, and a major treasury holder posting steep paper losses reinforces the importance of institutional demand and accounting treatment in setting the near-term ETH USD narrative – not the retail market.
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Ethereum ETFs vs Treasury Accumulation: What’s Driving ETH USD Price?
The ETF reversal underscores the fragility of momentum when institutional vehicles pause their buying.
Yet beneath the surface, corporations’ accumulation of Ethereum treasury remains a powerful counterweight.
SharpLink’s headline $103M Q2 loss obscured that its 728,804 ETH position, now worth $3.3Bn, has steadily compounded through staking rewards.
At a current yield of 3.4%, SharpLink has already booked more than 1,300 ETH in rewards this year, an organic inflow that cushions against valuation shocks.
Other treasury firms have quietly expanded exposure, with BTCS Inc. and DeFi Development Corp adding reserves in Q2.
The Block estimates the cumulative market cap of public companies holding ETH has surpassed $10Bn, marking Ethereum’s arrival as a treasury asset class in its own right.
This is structurally important: while ETF demand is flow-driven and reactive to sentiment, treasury allocations are sticky, recurring, and often tied to operating models in DeFi infrastructure, gaming, or tokenized yield platforms.
ETF outflows highlight short-term sentiment, but the parallel growth of treasury balance sheets indicates a strategic layer of demand less sensitive to daily price swings
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ETH USD Price Analysis: Where Does Ethereum Price Go From Here?
As ETH USD reels from the ATH resistance rejection, Ethereum is currently trading at a market price of $4,397 (representing a 24-hour change of -0.95%).
Now seeking a lower foothold after further losing footing around $4,490, ETH USD price action seems likely to test lower historical support at the $4,115 price level.
(ETHUSD)
To strengthen this case, a steadily rising 20DMA seems intent on converging with this lower support level in the coming days. Notably, the 20DMA support has been untested by ETH USD for 10 days, meaning there has been no moving average support for the previous 8 days of ETF inflows.
A successful consolidation at this level seems likely to trigger a second re-test of ATH resistance in the week ahead. After all, price is rarely entirely rejected from a first resistance test.
Such a move would also be bolstered by confidence from a decline in the RSI, which has been overheated at a strong bearish signal for a number of days.
ETH USD will likely be caught by well-established support around $3,750 in the event of a breakdown.
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