Ethereum’s recent price movement has reignited discussions among market participants as U.S. spot Ethereum ETFs began seeing inflows again after three consecutive days of outflows, hinting at a possible change in investor outlook. On October 21, the cryptocurrency hovered around $3,857, with significant support at $3,800 and resistance near $4,500, based on technical analysis . Over the past 24 hours, trading volume climbed by 35.2% to reach $45.8 billion, while derivatives trading volume soared 57.3% to $114.2 billion, indicating increased speculative interest. On October 21, ETF inflows reached $141.6 million, with Fidelity’s FETH contributing $59.07 million and BlackRock’s ETHA adding $42.46 million. This contrasts with the $145.7 million in outflows recorded the day before, as noted in a TradingView report , highlighting the market’s volatility. Bitcoin ETFs also experienced strong inflows totaling $477.19 million, led by BlackRock’s IBIT at $210.9 million, as reported by Coinpedia , reflecting ample liquidity across the crypto sector. Experts believe that sustained ETF inflows could support Ethereum’s price, especially if the U.S. Federal Reserve’s upcoming policy decision (October 28–29) hints at a more accommodative stance.
Technical signals present a mixed outlook. On the daily chart, Ethereum is trading below the Bollinger Band midpoint of $4,146, with resistance at $4,720 and support around $3,563. The narrowing bands suggest a significant move may be imminent, while the RSI at 41.15 points to bearish momentum but not and oversold market. Blockchain data shows large holders are quietly accumulating Ethereum, and stablecoin activity has surged by 400%, adding to bullish sentiment, according to TradingView analysis . Furthermore, a major Ethereum investor recently injected $500 million into ConcreteXYZ and stablecoin vaults, raising concerns about potential market manipulation and systemic risk, as highlighted in a TradingView report.
The Fusaka upgrade, scheduled for December 3, 2025, will introduce a gas limit of 16.78 million units to improve network performance, which could appeal to long-term investors. At the same time, Ferrari’s plan to launch a digital token for Hyperclub members in 2027 points to broader crypto adoption beyond payments, although its short-term effect on Ethereum’s price is uncertain. Looking at the broader market, Ethereum has dropped 21% over the past month from its $4,946 high, with a 6% loss in the last week. Nevertheless, open interest in Ethereum derivatives rose 0.6% to $43.8 billion, suggesting traders are rebuilding positions after recent declines. Market participants remain cautious, watching the ETH/BTC ratio and the invalidation level at $3,443 as key indicators. A strong close above $4,200 could set the stage for a move towards $4,500, while failing to reclaim this level may lead to another test of the $3,600-$3,500 range.