Ethereum Price Today: $2,420
- Ethereum experienced slight selling pressure, with 72,000 ETH flowing into exchanges on Friday, marking four consecutive days of net inflows totaling 285,000 ETH.
- Despite prices being contained by short-term Middle East war tensions, ETH maintains structural demand beneath the surface.
- ETH is aiming for a breakout as it approaches the apex of a symmetrical triangle pattern.
Ethereum (ETH) is trading around $2,420, down 3% on Friday and heading for another weekend loss, following increased selling pressure amid ongoing war tensions in the Middle East.
Ethereum Sees Selling Pressure Increase on Exchanges But Maintains Structural Demand
With macroeconomic uncertainty from the Middle East crisis still looming over the market, Ethereum continued its sideways action on Friday after seeing another round of modest distribution.
ETH recorded 72,000 ETH in net exchange inflows on Friday, marking four consecutive days of net inflows totaling 285,000 ETH. Unlike exchange-traded funds (ETFs), an increase in net cryptocurrency exchange inflows signifies dominant selling pressure.
Selling in the spot market was followed by a 720,000 ETH increase in Ethereum futures open interest (OI), according to data from Coinglass. However, prices fell rapidly as OI increased, signaling that new money entering the market potentially flowed into opening short positions. As a result, ETH saw $163 million in liquidations in the last 24 hours. The total amount of long and short liquidations is $140.94 million and $22.42 million, respectively.
The movement comes amid confirmation from White House Press Secretary Caroline Leavitt that President Donald Trump will decide how to respond to Iran in the next two weeks.
Despite the market leaning slightly bearish in the short term, “structural demand remained resilient […] beneath the surface,” noted Moulik Nagesh of Binance Research in a Friday report.
This demand can be seen in the balance of ETH accumulation addresses, which represent wallets with no record of selling activity, increasing by a record 5 million ETH since the beginning of June, according to data from CryptoQuant. Most of the accumulation has potentially flowed into staking, with the total ETH staked reaching a record 35.1 million ETH; more than 500,000 ETH of that figure was added in the first half of June.
Additionally, new weekly addresses on Ethereum have increased to around 800K-1M since mid-May, according to data from Santiment.
“Whether the familiar ‘panic-then-recovery’ pattern reappears will depend on how quickly the geopolitical narrative cools down. For now, relatively modest price drops, persistent ETF inflows, and the continued reduction in ETH’s negotiable supply suggest that pullbacks driven by macroeconomic factors are still being treated as opportunities, not as signals of a broader directional reversal,” added Nagesh.
Meanwhile, BTCS, which is listed on Nasdaq, announced that it purchased an additional 1,000 ETH for its treasury through a loan from decentralized lending platform Aave. The acquisition has increased its holdings to 14,600 ETH.
Ethereum Price Forecast: A Breakout Is Imminent as It Approaches Triangle Apex
Ethereum is approaching the apex of a symmetrical triangle after a false breakout last week, during which its price briefly moved above $2,850 and then fell back towards the $2,450 level.
The upper limit of the triangle is strengthened by the 200-day simple moving average (SMA), which has proven to be critical resistance since May 13, and the lower limit is supported by the 50-day exponential moving average (EMA).
A firm breakout on either side could see ETH rise to test the key $2,850 level or fall towards the broader triangle support near the 100-day SMA.
The Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are slightly below their neutral level and oversold region, respectively, indicating an increase in bearish momentum.
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