US-listed spot Ether ETFs saw five consecutive days of net outflows, totaling $795.8 million with $248.4 million exiting on Friday. Ether dropped by -10% during this period, marking the longest pullback since early September. The market awaits clarity on staking in Ether ETFs from US regulators, with Grayscale reportedly preparing to stake part of its ETH stack. Bitcoin products also experienced net outflows, with BTC dropping by -5.28% and ETFs facing $897.6 million in outflows. Analysts believe that the recent outflows signal panic selling and capitulation in the market.

Glassnode data reveals that mega whales, holders of 10,000 ETH or more, have been accumulating ETH at a rapid pace, particularly after the token surpassed $4,000. This trend indicates renewed confidence from institutions and long-term holders in the asset, aligning with past accumulation phases that preceded significant price movements. Ether futures open interest has surged close to $70 billion, signaling increased participation from traders and the potential for a significant market move.

Trader Merlijn notes that ETH is approaching a key resistance level near $4,300-$4,400, with repeated failures to break through since 2021. A clean daily close above this level could propel ETH into price discovery and lead to substantial gains. Analyst Ali Martinez highlights key support levels at $3,515, $3,020, and $2,772 based on realized price distribution, which could act as buffers against sell-offs. Maintaining these levels could help sustain the bullish trend, while breaching them may trigger deeper corrections.

Read more at Yahoo Finance: Is Ethereum Heading South? Week of Outflows Paint Bleak Picture for ETH USD