Ethereum (ETH) Price: Price Drops 8% on US-Iran Tensions — Watch These Levels

TLDR

• ETH dropped below $2,350 and is trading near $2,253 after failing to hold $2,420
• A bearish trend line is forming on the hourly chart with resistance at $2,300
• Ethereum spot ETFs saw $276 million in net inflows last week, led by Fidelity’s FETH at $126 million
• Over 32% of ETH is now staked, tightening available supply on exchanges
• Net Taker Volume has flipped positive to around +$102 million since March, suggesting buyers are returning

Ethereum dropped from $2,465 to a low of $2,253 in a sharp move lower. The price is now consolidating below the 100-hourly Simple Moving Average and the 23.6% Fibonacci retracement level of that recent swing.

A bearish trend line has formed on the hourly ETH/USD chart with resistance sitting at $2,300. The pair is currently holding just above the $2,250 level, which analysts are watching as a key near-term support.

If ETH holds above $2,250, it could make another push higher. The first resistance levels to watch are $2,300 and then $2,335. A break above $2,360, which lines up with the 50% Fibonacci retracement of the recent decline, could open the door to $2,415 and potentially $2,465.

On the downside, a drop below $2,220 could push the price toward $2,200, then $2,150, and possibly as low as $2,120.

ETF Inflows Stay Strong

While price action has been weak, Ethereum spot ETFs recorded $276 million in net inflows for the week of April 13 to April 17. Fidelity’s FETH led the way with $126 million in weekly inflows, bringing its total historical net inflows to $2.36 billion.

BlackRock’s ETHA came in second with $99.2 million for the week. ETHA’s cumulative net inflows now stand at $11.83 billion. The only ETF to see net outflows was Grayscale’s ETHE, which lost $16.7 million for the week. Total net assets across Ethereum spot ETFs stand at $14.26 billion.

Supply and Demand Picture

More than 32% of all Ethereum is currently staked, which removes a large portion from active circulation. This reduces the available supply on exchanges and makes the order book thinner over time.

According to data from CryptoQuant, perpetual futures volume reached $34.74 billion compared to spot volume of $14.29 billion, showing traders are leaning on derivatives rather than spot buying. Open interest fell 5.75% to $31.18 billion, and funding rates have turned slightly negative, pointing to growing short pressure.

However, there are early signs that buyers may be stepping in. Net Taker Volume has flipped positive to around +$102 million since March, reversing a pattern of heavy selling pressure that was seen during previous rallies, including a reading of -$568 million near the $5,000 price level.

As of the latest data, ETH is trading below $2,350 with near-term price direction hinging on whether bulls can defend the $2,250 support level.

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