Ethereum price has crawled back in the past few days but remains below a key resistance level. 

Ethereum (ETH) spiked on Saturday to exceed this month’s low of $1,762. At the time of publication, it was trading at around 1,940.57.

ETH, the second-biggest cryptocurrency, remains in a deep bear market after falling by over 53% from its highest level in December. 

One reason for the ongoing sell-off is that investors remain in the sidelines as the crypto and stocks market retreats amid President Donald Trump’s tariffs.

Third-party data shows that Wall Street investors have continued to sell their Ether ETFs. According to SoSoValue, all Ethereum ETFs shed over $143 million in assets this week, a big increase from the $119 million they lost a week earlier. 

They have lost assets in the last three straight weeks, bringing the cumulative total net inflows to $2.56 billion. Grayscale’s ETHE has over $2.35 billion in assets, followed by Blackrock’s ETHA, which has $2.1 billion. All Ethereum ETFs have over $6.6 billion, much lower than Bitcoin’s (BTC) $93 billion.

Further, the futures market is sending a warning about Ethereum prices. Data shows that linear weekly futures have moved to the backwardation phase for the first time since August. Backwardation is a period where futures prices are lower than the current levels.

On the positive side, there are signs that some investors are buying the dip. Donald Trump’s World Liberty Financial bought more ETH worth over $540,000.

More data by CryptoQuant shows that whales have continued to accumulate ETH. As shown below balances held by these big investors have bounced in the past few months. 

Ethereum price analysis

The daily chart shows that Ethereum price has stabilized in the past few days. It has risen from a low of $1,762 to $1,930.

Ethereum has failed to flip the important psychological point at $3,000 into a support. It also remains below the crucial resistance level at $2,115, the lowest swing in August, and the neckline of the triple-top point at $4,000. 

Ethereum has formed a death cross pattern as the 50-day and 200-day moving averages crossed each other.  It has also formed a bearish pennant pattern, pointing to more downside ahead. This bearish view will be confirmed if it drops below this month’s low of $1,762.