Ethereum prices today trade at nearly $4,096, down almost 5% after a sharp selling fell below $4,300. The move highlighted the conflict between institutional accumulation and massive spot exchange outflows despite strong ETF influx last week.
Ethereum Price breaks important support
Eth Price Breaks Key Support Zone (Source: TradingView)
On the four-hour chart, ETH below the $4,300-$4,350 demand zone collapses, causing a halt, sending prices to a low of $4,096. The drop cut the 20-day EMA for $4,440 and the 50-day EMA for $4,473, leaving a $4,665 resistance as a distant hurdle.
Trend Support is currently close to $4,000 to $3,950, with deeper demand zones being $3,800 and $3,600 if the seller remains in control. The advantage is that buyers will need to regain $4,440 and $4,537 to stabilize momentum.
Related: Solana (SOL) price forecast for September 23rd
Parabolic SAR dots outweigh prices and signal bearish continuation. Though the momentum is leaning low, the wider 200-day EMA at $3,992 continues to serve as a long-term pivot for ETH price action.
On-chain flow indicates heavy flow
ETH Netflows (Source: Coinglass)
When I exchanged Coinglass data, I found a bearish picture. On September 22, Ethereum recorded a net flow of $274 million from Spot Exchanges, one of the largest daily withdrawals of the quarter. Permanent negative Netflow creates fluidity pressures, explaining why Ethereum price volatility spiked during the latest failures.
Flow suggests that large holders are in the risk-off position after a $4,700 rejection despite continuing facility purchases through ETFS. If the trends on the chain do not reverse, the downside risk to $3,950 continues to rise.
ETFs bring about a powerful influx
The ETF bought $2.3 billion worth of $BTC and $ETH last week.
Bitcoin ETF added an inflow of approximately $1.27 billion
Ethereum ETFS brings another $11.2 billionOf this, BlackRock alone accounted for $1.7 billion.
This is one of the most powerful weekly waves of facility purchases we’ve seen…pic.twitter.com/tj8zdeugpi
– CasAbbé (@cas_abbe) September 22, 2025
Despite the bearish spot flow, the ETF continues to act as a buffer. According to data, Ethereum ETF was absorbed over $1.12 billion last week, leading BlackRock’s $2.3 billion share of BTC and ETH combined. This institutional wave has been one of the strongest weeks since July, highlighting the growing appetites of investors.
Related: Dogecoin (Doge) Price Forecast for September 23rd
Analysts point out that consistent ETF demand can help offset the weakness of exchange-driven. If sustained, this structural change could limit the downside and prepare the market for another breakout once the spot seller exhaust supply is supplied.
Technical outlook for Ethereum prices
Short-term Ethereum price forecasts that rely on retrieving a major moving average:
- Upside Level: $4,300, $4,440 and $4,665 as immediate resistance zones. Breaks over $4,665 open the doors at $4,820 and $5,000.
- Disadvantage level: Main defence zones: $4,000, $3,950 and $3,800. Losing $3,800 puts a deeper pull back against $3,600 in jeopardy.
- Trend Support: The $3,992 200-day EMA remains the structural floor of ETH Price Action.
Outlook: Will Ethereum rise?
Ethereum’s outlook depends on whether ETF inflows can outperform heavy spots that have promoted the latest failures. As long as ETH holds an area of between $3,950 and $4,000, the wider bull cycle remains intact. A critical closing of over $4,440 will restore confidence and invite momentum traders to target over $4,665.
Related: Avantis Price Prediction: Can Avantis maintain momentum after a $10 million spot inflow?
For now, traders are facing a tug of war between institutional accumulation and exchange-led liquidation. While Ethereum prices today are under pressure, a sustained ETF inflow suggests that a stabilization of over $4,000 could set the stage for another rebound for another $4,700 in the coming weeks.
Disclaimer: The information contained in this article is for information and educational purposes only. This article does not constitute any kind of financial advice or advice. Coin Edition is not liable for any losses that arise as a result of your use of the content, products or services mentioned. We encourage readers to take caution before taking any actions related to the company.
