ETF Inflows Return At $14M But $112M Spot Outflows Keep Pressure On

• Ethereum gains 0.44 percent to $2,240 as ETF inflows return at $14.06 million on February 3, the first positive day after three consecutive sessions of outflows.
• Spot outflows surge to $112.15 million, showing continued distribution despite institutional buying through ETF channels.
• Recovery requires reclaiming $2,720, while a close below $2,100 opens downside toward the $1,800 demand zone.

Ethereum price today trades near $2,240 after stabilizing above the $2,100 support zone tested earlier this week. The session shows a divergence in flows, with ETF channels recording their first inflows in three days while spot markets continue heavy distribution, creating mixed signals for near-term direction.

ETF Inflows Flip Positive After Three Day Drought

Ethereum spot ETFs recorded $14.06 million in net inflows on February 3, breaking a three-day streak of outflows that saw $408 million exit the funds. BlackRock’s ETHA led with $42.85 million in inflows, while Grayscale’s ETHE and Fidelity’s FETH recorded smaller outflows of $8.25 million and $54.84 million respectively.

Total ETF assets under management stand at $13.39 billion with cumulative inflows of $11.99 billion since launch. The positive flow day suggests some institutional buyers view current levels as attractive entry points, though the magnitude remains small compared to recent outflows.

The news section notes that Bitcoin ETFs saw $272 million in net outflows on February 3, while Ethereum ETFs recorded the $14.06 million inflow. The relative outperformance of ETH flows compared to BTC flows is notable given Ethereum’s sharper price decline.

Spot Outflows Hit $112 Million As Distribution Continues

Despite the positive ETF flow, spot markets tell a different story. Coinglass data shows $112.15 million in net outflows on February 4, one of the larger distribution days of the past month. 

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The divergence between ETF inflows and spot outflows suggests retail and non-institutional holders are selling while some institutional buyers accumulate.

Price Trapped Below Bull Market Support Band

On the daily chart, Ethereum trades well below the bull market support band, which spans from $3,210 to $3,424. This band has historically separated bull markets from bear markets, and the decisive break below it confirms the bearish macro structure.

Price trades below all four major EMAs. The 20 day EMA sits at $2,720, the 50 day at $2,933, the 100 day at $3,126, and the 200 day at $3,243. The entire EMA stack has turned into overhead resistance that buyers must reclaim to shift momentum.

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The $2,100 horizontal support represents the next major level. This zone held during the May 2025 correction and marks the boundary between the current correction and a potential deeper breakdown toward $1,800.

Descending Channel Controls Short Term Action

On the 30-minute chart, Ethereum trades within a descending channel that has guided price action since January 30. Channel resistance sits near $2,350, while support runs through the $2,100 zone.

RSI sits at 42.28, neutral territory that provides room for movement in either direction. MACD has turned positive with the histogram expanding, suggesting short-term momentum may be shifting after the oversold bounce.

Price is testing the channel midline near $2,240. A break above $2,300 would signal a push toward channel resistance, while rejection here would target another test of the $2,100 support.

Outlook: Will Ethereum Go Up?

The trend remains bearish while price trades below the bull market support band and spot outflows persist.

• Bullish case: A daily close above $2,720 would reclaim the 20 day EMA and signal that institutional accumulation is overwhelming spot distribution. The return of ETF inflows could mark the beginning of a stabilization phase if the pattern continues.
• Bearish case: A close below $2,100 would break the May 2025 support and expose the $1,800 demand zone. With spot outflows at $112 million dwarfing the $14 million ETF inflow, that scenario remains the path of least resistance.

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