Ethereum is struggling to hold a recovery above $2,500 as spot ETF withdrawals and weak sentiment weigh on buyers. Daily indicators favor sellers, while the four-hour chart shows improving momentum with resistance at $2,543 and $2,580.
Ethereum traded at $2,508.58 on October 14, up 0.43% on the day, after moving between $2,497.94 and $2,522.63. Persistent ETF withdrawals and technical resistance continue to limit buying interest.
The second largest cryptocurrency is trying to recover from last week's selloff, which pushed prices toward $2,400.
ETF outflows weigh on Ethereum
U.S. spot Ethereum ETF funds recorded $542.2 million in net withdrawals during the trading week ending October 9. According to Farside Investors, the funds saw five consecutive sessions of outflows, including $201.9 million on October 6 and $160.9 million on October 7.
The withdrawals formed part of a selling streak that began on September 29. Cumulative redemptions reached $697.4 million across nine consecutive negative sessions through October 9.
Ethereum was trading near $2,718 on October 6 before losing the $2,600 level the following session. The selling pushed ETH toward $2,409 before buyers stepped in.
Corporate buying continued, however. BitMine Immersion Technologies purchased another 12,532 ETH during the week ending October 11, bringing its reported holdings to 6,028,946 tokens, or approximately 4.9% of Ethereum's supply.
Daily indicators favor sellers
On the daily ETH/USDT chart, Ethereum is trading below the middle Bollinger Band, which indicates that sellers still have the upper hand. The middle band stands at $2,617.99, and the lower band sits at $2,425.34.
The Aroon indicator points the same way. Aroon Down stands at 57.14%, while Aroon Up is at 14.29%.
Four-hour chart shows improving momentum
The four-hour chart looks different. The MACD line sits at -8.68, above the signal line at -10.01, and the histogram has turned positive at 1.33. Both lines remain below zero, so the recovery is not yet a confirmed bullish trend.
Immediate resistance sits near $2,514.54, followed by $2,543.33 and $2,579.88. A breakout above $2,580 would bring the daily middle band near $2,618 into focus.
On the downside, a breakdown below $2,449 would raise the possibility of another move toward $2,409.
Source: crypto.news
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