Ethereum price faces pressure as daily RSI turns bearish despite declining exchange supply
Ethereum price uptrend from March low of $1760 recently hit resistance at $2,100, leading to consecutive declines over the past two days.
After pulling back from this weekly peak, Ethereum found support at the $2,000 psychological level, aligning with its bullish trendline. As of today, Ethereum has rebounded over 1.5% in the Asian session, now trading around $2,030.
The recent downturn has pushed Ethereum’s four-hour RSI into bearish territory, aligning with the bearish RSI on the daily chart. This shift suggests that momentum has weakened, increasing the risk of further declines if buyers fail to sustain the $2,000 support. A break below this level could see Ethereum testing the next support at $1,955.
ETH/USD price dynamics (March 2025). Source: TradingView
Spot Ether ETFs see weak inflows, contrasting with declining exchange balances
On the fundamental side, Ethereum’s on-chain data reveals a significant reduction in exchange supply, which stood at 16.9 million ETH on March 25, just 3.5% above its five-year low of 16.32 million ETH. Historically, declining exchange balances indicate a long-term accumulation trend, as investors withdraw their holdings to self-custody rather than keeping them liquid for trading. However, spot Ether ETFs have seen relatively muted flows in recent days, contrasting with the larger net outflows since March 10, signaling mixed investor sentiment.
Technically, Ethereum’s short-term trajectory hinges on defending the $2,000 support level. If bullish momentum recovers, a retest of $2,100 is possible. However, failure to maintain current levels may lead to a deeper correction toward $1,955. Traders will be closely monitoring RSI movements, exchange supply trends, and broader market sentiment for further direction.
Institutional interest grew as U.S. banks launched the first bank-issued stablecoin on Ethereum. However, ETH traded sideways near $2,070, extending the prior day’s lack of movement.
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