ETH falls below $3,000 as capital flows out due to $177 million outflow and rising metal prices

Ethereum price today fell below the psychological $3,000 level for the first time since mid-January, trading around $2,922. This decline follows spot outflows and continued rotation into precious metals, with gold up 18% and silver 52% year-to-date. $ETH It is now nearly 40 percent below its October high, while its traditional safety zone has widened to record levels.

Metal rally creates a whirlpool of capital

The macro environment remains challenging for risk assets. Gold traded above $5,267 after gaining 1.52% during the session, while silver rose above $112 with a 5.94% move. The metal’s strength has created what analysts describe as a vortex of capital, drawing attention and away from cryptocurrencies and other growth themes.

Fundstrat’s Tom Lee acknowledged this dynamic on Wednesday, noting that investors need to stick with structurally strong ideas despite fears of missing out on metals. BitMine echoed that view, calling Ethereum the future of finance but warning that a rally in gold and silver risks pulling capital out of long-term opportunities.

That rotation appears in the flow. While the metal attracts new buying, Ethereum continues to circulate in both spot and ETF channels.

Spot outflows reach $177 million as sellers accelerate

According to Coinglass data, net outflows on January 29 were $177.38 million, making it one of the busiest days since early January. This movement confirms that the holder is sending. $ETH Invest on an exchange instead of accumulating at current levels.

The outflow pattern continued through much of this month. If spot flow remains negative during a breakdown, it indicates conviction from sellers rather than a temporary position change. Buyers are not stepping in to absorb supply, so prices could fall further.

Breakdown below the EMA turns the structure bearish

On the daily chart, Ethereum is trading below all four major exponential moving averages. The 20-day EMA is $3,035, the 50-day EMA is $3,092, the 100-day EMA is $3,225, and the 200-day EMA is $3,298. This built-up resistance has created a ceiling that sellers have been defending since mid-January.

The $2,800 to $3,500 range from November to January has entered the downside. The price briefly reached $3,500 in early January, but has since rebounded sharply, and its failure to sustain above $3,000 confirms that sellers are still in control.

The RSI is moving at 42.36, reflecting a situation where momentum has weakened but is not yet oversold. There is usually room for this indicator to fall further before it reaches a level that attracts bullish buying.

Key levels to watch include the immediate resistance at $3,035 where the 20-day EMA is located, the key resistance between $3,092 and $3,298 where the remaining EMA is centered, the $2,800 support marking the November low, and deep demand near $2,500 if the current structure fails.

Outlook: Will Ethereum Rise?

The trend remains bearish while the price is trading below the EMA cluster and the outflow continues.

• Bullish case: If the flow improves and the daily close is above $3,035, it would indicate that buyers are defending the $3,000 zone. This move targets $3,200 and if it gains momentum, the 200-day EMA could reach $3,298.
• Bearish case: A loss of $2,800 would confirm the full breakdown from the multi-month range and expose the $2,500 demand zone. A close below that level turns a correction into a broader trend reversal.