Ethereum price bounced back above $4,000 after briefly dropping below on Friday, with a 2.2% rally supported by on-chain flows. ETH hit $4,021 on Saturday with a 49% decline in trading volumes to $29 billion. Staking deposits increased by 2,589 ETH, absorbing nearly $11 million from the market supply. A 2x BitMine ETF saw $32 million in inflows on its first trading day. Despite technical signals being mixed, institutional demand remains strong. However, a rising wedge pattern suggests a downside target near $3,200 if selling pressure intensifies.

The RSI at 38 indicates oversold conditions, with ETH facing major supply clusters at $4,500 if it breaks $4,373 resistance. On the other hand, failure to hold $3,916 could accelerate a drop towards $3,500, with the wedge target at $3,200 still in play.

Read more at Yahoo Finance: 2,589 ETH Staked in 24 Hours, Will Ethereum Price Remain Above $4,000?