Ethereum price has recorded a significant pullback in recent days, mirroring a broader retreat across the cryptocurrency market. Top market experts have predicted a potential dip in ETH price to $4,700 or even lower, given the ongoing volatile sentiment in the broader digital assets space.
The waning institutional interest has also weighed on trader sentiment. However, it is worth noting that corporations have continued to remain bullish on crypto, predicting a potential recovery in the asset's price. All eyes in the crypto market are now focused on the upcoming US CPI inflation data. This key economic data is expected to shed light on the potential future movements of Bitcoin price, as well as top altcoins like Ethereum.
This article explores the latest developments in the Ethereum market and the broader crypto space, evaluating key ETH price levels to watch ahead as highlighted by market experts.
Ethereum Price Near Flatline As ETF Fund Flow Spooks Traders
The Ethereum price today remained in positive territory but failed to show significant movement amidst the broader crypto market's volatile scenario. At the time of writing, ETH price was up around 0.7% and trading at $3,874, with its trading volume falling by approximately 19% to $41 billion.
Notably, the cryptocurrency has traded near a flatline, as evidenced by its movements in the weekly chart. However, over the past 30 days, ETH has lost nearly 7%, falling from a 30-day high of $4,755 to a low of $3,460. The ETH Futures Open Interest, according to CoinGlass data, also stayed near the flatline, indicating a cautious stance from investors.
The sentiment is further dampened by the latest insights into institutional interest in Ethereum price. Meanwhile, it appears that waning institutional interest has weighed on the broader crypto market sentiment. For context, US Ethereum ETF inflow has once again turned positive after reversing its course the prior day.
According to Farside Investors' data, the Ethereum ETF recorded an outflow of $18.9 million on October 22. This followed an influx of $141.7 million on October 21, which had lifted investor sentiment. Only BlackRock provided the highest boost with an $110.7 million influx, while Fidelity's FETH and Grayscale's ETHE recorded outflows of $49.5 million and $33.5 million, respectively.
Corporate and Whale Interests Remain Strong
Despite the recent dip in Ethereum price, corporate and whale interests appear to remain intact. This suggests that the discounted price has allowed corporations to capitalize on the buy-the-dip scenario.
According to Lookonchain data, Bitmine has continued to add Ethereum to its ETH treasury. On October 22, two Bitmine-related wallets accumulated 45,814 ETH, worth approximately $184 million, from Falcon X. This accumulation has boosted market sentiment, indicating the corporation's long-term confidence in the asset.
Furthermore, another Lookonchain data indicated that whales are still optimistic about Ethereum price. In a recent X post, the on-chain transaction tracker reported that an Ethereum whale, identified by the address "0x86Ed," has placed a significant bet on ETH. The wallet address acquired 8,491 ETH, valued at $32.47 million, from OKX, sparking market optimism.
Analyst Outlook on ETH Price
Despite the positive sentiment surrounding Ethereum price, analysts remain cautious. In a recent X post, analyst Ali Martinez suggested that ETH price is likely to revisit the $3,700 zone.
Martinez highlighted the $3,830 level as a key support that the crypto must hold to avoid further dips. Additionally, analyst TedPillows has also shared key insights on the asset. He noted that unless Ethereum price breaks through the $4,100 level, the bullish momentum remains invalidated.
However, if the resistance is broken, the analyst stated that the next target for ETH price could be at $4,800.