- Ethereum trades above $3,850–$3,900 support zone, maintaining its upward channel.
- ETF outflows total $135.3M, with $99.2M withdrawn from Fidelity’s Ethereum fund.
- Ether Machine secures $654M and 150,000 ETH ahead of planned Nasdaq listing.
Ethereum continues to move within a rising channel on the 12-hour chart, suggesting strong upward price structure. Analysts note that the current consolidation phase above the $3,850–$3,900 support zone is forming a re-accumulation pattern. If this level holds, ETH could target the $6,000 range in the coming weeks.
Captain Faibik, a crypto market analyst, shared that the asset remains bullish as long as it trades within the current structure. The consolidation, following a strong rally, is being watched closely as a potential setup for another upward move.
While short-term volatility remains possible, traders continue to treat the $3,850 area as a strong buy zone. The price has remained above this support, which suggests that buyers are actively defending the level despite recent ETF redemptions.
ETF Redemptions Lead to Support Retest Expectations
On the institutional side, Ethereum ETFs saw combined outflows of $135.3 million, according to SoSoValue. The largest outflow came from Fidelity, which saw $99.2 million in redemptions. Bitwise followed with $24.2 million, and BlackRock saw $6.6 million withdrawn. Smaller outflows were also recorded from Franklin Templeton and Grayscale.
These redemptions have increased the chances of a short-term retest of the $3,800 support. However, market analysts remain focused on whether the price can continue to hold above this zone.
Despite the outflows, the long-term structure has not been invalidated, and bullish momentum remains intact if current support is maintained.
Ether Machine Gathers $654M ETH Ahead of Nasdaq Listing
Corporate accumulation is also rising. Ether Machine, a new entity formed by the merger of Ether Reserve and Dynamix Corporation, announced $654 million in private ETH funding. This includes a 150,000 ETH contribution from Jeffrey Berns, who has joined the company’s board.
The firm now holds over 495,362 ETH, valued at $2.16 billion, along with $367.1 million in liquid capital. With total assets exceeding $2.5 billion, Ether Machine plans to use staking strategies for yield generation.
The company is preparing for a Nasdaq listing expected in early 2025, positioning itself as a major Ethereum-focused corporate entity.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
